ETHUSD Elliott Wave Technical Analysis - 1D Chart

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave C

Direction Next higher Degrees: wave II

Wave Cancel invalid level:

ETHUSDTrading Strategy:

Ethereum (ETH/USD) is in the middle of a Wave II correction, with Wave C projected to target the 2,899.73 USD level. A breakdown above 3,429.97 USD would invalidate this bearish corrective scenario and signal the resumption of the uptrend.

* If ETH holds the support at $2,899.73 and forms a reversal, it would confirm the completion of Wave II.

ETHUSD Elliott Wave Technical Analysis - 4H Chart

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

position: Wave C

Direction Next higher Degrees: wave II

Wave Cancel invalid level

Trading Strategy:

The chart shows a complete Wave 1 structure, followed by a corrective Wave 2 in progress.The correction appears to follow a zigzag pattern (A-B-C), with Wave A completed and Wave B currently forming.The projection for Wave C indicates a potential drop to the 0.786 Fibonacci retracement level, around 0.03217 USDT.

* If ETH holds the support at $2,899.73 and forms a reversal, it would confirm the completion of Wave II.

Technical Analyst : Kittiampon Somboonsod

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