Ethereum Is In A Correction Within Uptrend
Updated
Ethereum is making sharp recovery since the beginning of the year, which we see it forming a five-wave bullish impulse. The main reason for a five-wave rally is impresive recovery through the channel falling trendline, and also a push out of a base channel connected from the lows. Normally when an upper line of a bullish channel is broken, then we know that the move is accelerating and normally this occurs in wave three. Wave three is typically the strongest when compared to waves 1 and 5, so we can expect more gains untill all five waves are in place.
Notice that recently, the price slowed down at 1675 horizontal resistance, so we think that was wave 3 high. Therefore, after the current wave 4 corrective slow down we will expect more upside; it can be straight up form here or possibly after a bullish triangle or maybe even flat correction. In both cases we think that 1675 can be broken, and that support is at 1500 - 1450 area. The invalidation is at 1352; as long that holds, ETH can go higher.
Happy trading!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Notice that recently, the price slowed down at 1675 horizontal resistance, so we think that was wave 3 high. Therefore, after the current wave 4 corrective slow down we will expect more upside; it can be straight up form here or possibly after a bullish triangle or maybe even flat correction. In both cases we think that 1675 can be broken, and that support is at 1500 - 1450 area. The invalidation is at 1352; as long that holds, ETH can go higher.
Happy trading!
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.
Note
ETH is breaking higher for wave 5 out of wave 4 triangle pattern. There's now room up to 1700 - 1900 area before we will see a new, higher degree corrective pullback.
Explore our services
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
👉wavetraders.com/elliott-wave-plans/
Learn Elliott Waves
👉 wavetraders.com/academy/
Newsletter Sign up
👉 bit.ly/3FVPVzO
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.