EthereumLong
ETH- Moving up in waves (Elliott Wave 4h chart)
Updated
In my last post, I gave an idea explaining how Ethereum is attempting to form a cup pattern. With an upcoming hard fork it seems possible for ETH to push the price closer to completing the cup but obviously Bitcoin movement will play a key role.
In my last analysis I noted that the double top ceiling is a key level to break and that if we do break it, we'll most likely see a regression back to the 150s then a subsequent rally up. So now's a good time to enter I believe.
Next short-term challenge is to break the $165 mark, the previous high of this week and a push up to the 180s wouldn't be that difficult. A fall below $150 will bring in the bear sentiments so beware of that level.
I also drew two Elliott Wave patterns, 1-5 indicates the mid-term movement and I think there's a good chance that wave 3 will happen by January 14th for the hard fork. A-E waves are short-term waves within the 1-5 waves. Let's see how this plays out.
Remember the current big goal for ETH is to complete the cup formation.
Share your opinion in the comments!
In my last analysis I noted that the double top ceiling is a key level to break and that if we do break it, we'll most likely see a regression back to the 150s then a subsequent rally up. So now's a good time to enter I believe.
Next short-term challenge is to break the $165 mark, the previous high of this week and a push up to the 180s wouldn't be that difficult. A fall below $150 will bring in the bear sentiments so beware of that level.
I also drew two Elliott Wave patterns, 1-5 indicates the mid-term movement and I think there's a good chance that wave 3 will happen by January 14th for the hard fork. A-E waves are short-term waves within the 1-5 waves. Let's see how this plays out.
Remember the current big goal for ETH is to complete the cup formation.
Share your opinion in the comments!
Note
Previous Ethereum analysis
Note
The price is still at 150s as expected, but a move down to the 140s would be dangerous and I would wait for a clear signal up, a break above $165 approximately.We need a push up right about now, so keep a close eye.
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