Bottom line: Ethereum faced a sharp decline below 133.00 levels (as most of its counterparts), but finally managed to print a meaningful low at 116.72 before pulling back sharply. The bullish structure remains intact against 116.72.
Technical Analysis:
Ethereum bulls seem to be back in control after a brief slip under 133.00 levels on December 17, 2019. A meaningful low could be finally in place at 116.72 levels, and bulls should be poised to push through 160.00 levels which is immediate resistance. Looking at the overall wave counts from 83.00 lows since December 2018, Ethereum has neatly carved out the classic 5-3 Elliott Wave pattern described below. The rally between 83.00 and 363.30 levels was in 5 waves, labelled as Wave (1) here. The subsequent drop since June 26, 2019, through December 17, 2019 has been corrective (3 waves) zigzag A-B-C, labelled as Wave (2) of the same degree. Ideally, a 5-3 pattern is followed by another 5 wave movement in the direction of the major trend which is higher in this case. If the above holds, prices should stay above 83.00, and Wave (3) of the same degree should unfold sub dividing into 5 waves and pushing prices comfortably above 363.00 levels, going forward. A high potential trade setup from here is expected to be on the north side, against 83.00, with potential targets above 363.00 levels. An excellent risk reward ratio of 1:7 is being offered with prices trading around 126.00/127.00 for now. The entire structure has taken around 12 months to unfold and high probability remains that in the next 12-15 months, Ethereum prices could be seen trading well above the 363.00 mark. Watch out for a swift rally towards 160.00 levels at least, for a confirmation of a meaningful bottom in place at 116.72.
Prepared by
Harsh Japee, Technical Analyst
Ethereum Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
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。
