Ethereum ETHUSDT - Complete Elliott Wave + Rising wedge (weekly)
Updated
- Ethereum is forming a rising wedge on the weekly scale, but there is stil missing a last 5th impulse Elliott wave.
- The price is sitting on the 200 weekly moving average, it is good practice to think of this MA as a zone and not a level.
- 200MA is considered as strong support by huge hedge funds and institutions and is probably the strongest MA on macro scale.
- If we take a look at the RSI indicator - it is on the level of "strong buy" by historical data.
- The RSI indicator is showing a nice trendline, which we can watch and potentially buy a breakout with confluence with other indicators.
- Also the RSI helps us to identify first and third impulse wave by looking at the divergences.
- As per my Elliott Wave analysis - Ethereum is deeply missing a 5th impulse wave, so i think the bull market is imminent.
- Next impulse wave target is 10 000 - 20 000 USD per ETH.
- Look at my idea about Bitcoin (complete Elliott wave) and TOTAL crypto cap in the related section down below ↓
- For more ideas please hit "Like" & "Follow"!
- The price is sitting on the 200 weekly moving average, it is good practice to think of this MA as a zone and not a level.
- 200MA is considered as strong support by huge hedge funds and institutions and is probably the strongest MA on macro scale.
- If we take a look at the RSI indicator - it is on the level of "strong buy" by historical data.
- The RSI indicator is showing a nice trendline, which we can watch and potentially buy a breakout with confluence with other indicators.
- Also the RSI helps us to identify first and third impulse wave by looking at the divergences.
- As per my Elliott Wave analysis - Ethereum is deeply missing a 5th impulse wave, so i think the bull market is imminent.
- Next impulse wave target is 10 000 - 20 000 USD per ETH.
- Look at my idea about Bitcoin (complete Elliott wave) and TOTAL crypto cap in the related section down below ↓
- For more ideas please hit "Like" & "Follow"!
Note
Just in case - if we loose the 200 weekly MA, then i expect 480-360 USD as next major support.
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