Ethereum Skyrockets: Next Stop $5,400?
Updated
Ethereum indicates that we are now approaching the completion of Wave 3, which is expected to be between $3,274 and $5,400. There is potential for an increase in the coming days that could drive prices significantly higher. However, the 161% extension level within Wave 3 is seen as very important and significant, and the resistance line at $3,581 could become a major hurdle. Accordingly, preparations for a retreat to Wave 4 are being made, based on the subordinate wave structure, which is expected to be between 38.2% and 61.8% and would place it between $2,600 and $2,200.
Nevertheless, there is still considerable potential for an upward movement to complete the overarching Wave 3, which is likely to coincide with the previous peak of Wave 5 at $2,400, representing an almost 72% increase. Such a retreat is considered crucial at this stage of the market, as it provides an opportunity for a subsequent rise and the possibility to "flush out cheap money" from the market, thus setting the stage for healthier market dynamics in the future.
Nevertheless, there is still considerable potential for an upward movement to complete the overarching Wave 3, which is likely to coincide with the previous peak of Wave 5 at $2,400, representing an almost 72% increase. Such a retreat is considered crucial at this stage of the market, as it provides an opportunity for a subsequent rise and the possibility to "flush out cheap money" from the market, thus setting the stage for healthier market dynamics in the future.
Note
Ethereum continues to ascend, remaining within the range we consider plausible for Wave 3, specifically aiming for the 227.2% extension level at $3,970. Here, we might encounter stronger resistance, which must be overcome before further upward movement in this Wave 3 can occur. As the price moves higher, we also need to adjust our expectations for the subsequent Wave 4 upwards. We must continuously revise our projections upward and remain patient until we observe real weakness in the market because the price could potentially reach up to $5,400 just for the subordinate Wave 3, not to mention the overarching Wave (3), which is expected to climb even higher. Given that we are evidently in a rapidly moving bull market, it's challenging to predict when the trend will reverse. Therefore, we must stay cautious to avoid getting burned and are best advised to wait and see.
Note
For Ethereum, the time has come for us to place a limit order for the subordinate Wave 4 of Wave (3). We believe it will reach between 38.2% and 50%. However, we will set the stop loss slightly below this range to potentially prevent wicks from triggering a stop-out. Following this, we expect to target at least the $4,600 level, with our maximum for the overarching Wave (3) being around the $5,000 level. We need to wait and see how it develops. Given the significant sell-off observed in recent days, we must remain patient and calm.
Note
For Ethereum, the time has come for us to place a limit order for the subordinate Wave 4 of Wave (3). We believe it will reach between 38.2% and 50%. However, we will set the stop loss slightly below this range to potentially prevent wicks from triggering a stop-out. Following this, we expect to target at least the $4,600 level, with our maximum for the overarching Wave (3) being around the $5,000 level. We need to wait and see how it develops. Given the significant sell-off observed in recent days, we must remain patient and calm.
Trade active
Our entry has been triggered, we will continue the trade under a new post ⬇️
Note
Our limit order for Ethereum has been maintained, especially regarding our second entry. The first entry was relatively secure. At the entry point of $3,115, we were less at risk than with the second entry, which has also been successfully maintained so far. However, we now believe that we have only just concluded Wave ((ii)), and the subordinate Wave (iii) is ongoing. Thus, there is significantly more potential for upward movement before we conclude the overarching cycle with Wave 5 and (3).
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