Long
ETHUSD target $670
Since 5th May we were in downtrend from $829 high to $409.30 low.
Now we have a breakout from falling wedge, and have started an upside move. My target price is around $670, and I will explain why I think so:
1. Price target for falling wedge is equal to its size which we count from the breakout point ( $470+$214=$684).
2. 0.618 Fib.retracement level of the last drop from $829 high to $409 low is at $668.
3. When we connent 18th Feb high of $1014 and 5th May high, I think that this line will stop the upside move for Ethereum.
There is a high probability that above mentioned line (which connents $1014 and $829) will be a strong resistance, and Ethereum will be forming a triangel pattern till autumn, before we will see a real bull run (like last December) with target price at $2000-2200 ( I came to this from Fib extension level 4.618 of upside we have seen in April from $360 low to $829 high).
I really appreciate any comment, suggestion or criticism, to know I am on good way.
Now we have a breakout from falling wedge, and have started an upside move. My target price is around $670, and I will explain why I think so:
1. Price target for falling wedge is equal to its size which we count from the breakout point ( $470+$214=$684).
2. 0.618 Fib.retracement level of the last drop from $829 high to $409 low is at $668.
3. When we connent 18th Feb high of $1014 and 5th May high, I think that this line will stop the upside move for Ethereum.
There is a high probability that above mentioned line (which connents $1014 and $829) will be a strong resistance, and Ethereum will be forming a triangel pattern till autumn, before we will see a real bull run (like last December) with target price at $2000-2200 ( I came to this from Fib extension level 4.618 of upside we have seen in April from $360 low to $829 high).
I really appreciate any comment, suggestion or criticism, to know I am on good way.
Note
Like I mentioned above we are now in ABC correction. First wave with target price around $597 have 3 impulse waves. Now we finished our first wave and reached our first target at around $490, and we should see a small correction to $440-450, before next move with target near $570, which is 1.618 of a last rise from 409.30 low to $487 high, and also coincidence with Fib retracement level 0.382 of a last drop from $829 high to $409.3 low.
Bear in mind, that impulse wave target price are more accurate than corrective ones.
Note
We are now approaching our target price at around $440-450. I expect a bounce from this levels. If we count Elliott Waves, then price should go up this way.
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