Bottom line: Ethereum remains bullish until prices stay broadly above 83/84. The recent structure might indicate a potential low formed at 133.40 or another shallow low may be print.
Technical Analysis:
ETHUSD bulls are poised to regain control and push prices higher above the 350 mark, going forward. It remains to be seen whether 133.40 is a meaningful low formed, or yet another shallow low is print before revering higher. The overall wave structure remains bullish since a 5-3 pattern seems to be in place, with major trend pointing north. According to the classic Elliott Wave pattern, another 5 waves movement should be seen on the north side, completing a 5-3-5 at least. The rally from sub 83.00 through 363.30 was clearly in 5 waves, labelled as Wave (1). This has been followed by a potential zigzag drop A-B-C towards 133.40 levels until now. Also note that Ethereum has found support around the fibonacci 0.786 retracement of Wave (1). According to the guidelines, Wave (2) cannot go beyond Wave (1) and until this is satisfied, the overall bullish structure shall remain intact. We still do not have enough evidence on the daily chart that a meaningful bottom is in place but probability remains and hence Wave (2) labelled accordingly. A break beyond 194.00/200.00 resistance levels, would confirm that a meaningful bottom is in place at 133.40 and that prices are headed north, above 360.00, as Wave (3) unfolds. A push beyond 160.00 could be seen at the first confirmation according to price action that a potential bottom is in place at 133.40 levels. A high probability trade direction from here could be seen on the north side, with potential stop below 125.00 (immediate price support), and targets above 363.00 levels, going forward. We shall reduce the risk on trade once price action confirms.
Prepared by
Harsh Japee, Technical Analyst
Ethereum Chart
MyFxtops (www.myfxtops.com)-a reliable foreign exchange ordering community, follow the masters for free!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
