EW contracting triangle as wave 1
Updated
ETH price pushed trough the upper line of the current downtrend and is on the way to finish the wave iii of (5) of 1. minimum target is the upper trend line of the descending trend channel, expected is the extension with the length of wave (1) added to the point of the breakout if it appears.
Comment
if its a corrective contracting triangle, the last wave which is running can fail at around 70% of the previous wave which leads to a price target of 345 USD. to correct my previous comment: in case its a leading diagonal triangle topping out at the upper trend line, a correction has to be expected after forming the top. wave 5 can fail as well.
either way it will go up to at least 345 USD in the short term with the likely outcome of around 396 USD around october 16 - the realease date of metropolis. it may be wise to sell the news in this case.
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