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Ethereum
Long

Ethereum: Next Target in Focus

By stromm_by_wmc
Updated
For Ethereum, we have a new setup and anticipate that Wave ((i)) has completed at approximately $3,525. We now expect to see Wave ((ii)). We believe we are currently in a Wave (c) within Wave ((ii)), which should reach a retracement between 50% and 78.6%, equating to a range from $3,324 to a maximum of $3,175. Following this, we anticipate a rise to at least $4,092.
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A quick and concise update on our two Ethereum trades. We entered the first trade for Wave 4 and have since seen a nice move from the $3,115 level, forming Waves ((i)) and ((ii)). We entered again on Wave ((ii)) at $3240, turning at the 61.8% Fibonacci retracement, which suits us fine. We have since risen out of our entry zone, likely forming subordinate Waves (i) and (ii), and are now on track to develop the very subordinate Wave (iii) and, later on, the overarching Wave ((iii)). We continue to expect at least the $4,092 level to be reached, though the timeframe is unclear. We should not fall back below the 61.8% level again; otherwise, we might drop further. But, we don't really expect to fall significantly lower, especially not below our first entry level. Nonetheless, we must wait, remain patient, and not let ourselves be unsettled.
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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).
Trade closed: stop reached
Elliott WaveethlongETHUSDFibonaccilongsetupTrend Lines
stromm_by_wmc
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