Bottom line: Ethereum bullish structure remains intact until prices stay above 116.72 lows print on December 18, 2019.
Technical Analysis:
Ethereum bulls remain in control as prices hold firmly above the 116.72 lows carved earlier this month. The overall wave structure for long term also stays intact until Ethereum stays above the 83.17 mark. Looking into the wave counts again, Ethereum had rallied between 83.17 and 363.30 levels in 5 waves completing an impulse; labelled as Wave (1) here. This was followed by an A-B-C corrective drop, which has potentially terminated at 116.72, labelled as Wave (2). Please note that Wave B or the corrective drop unfolded as a triangle structure, and Wave e terminated around 200 before Wave C turned lower. Hence, immediate resistance to confirm a bullish reversal is 200, going forward. A break above interim resistance at 160.00 would also be encouraging to the proposed bullish setup. A classic 5-3 Elliott Wave pattern is ideally followed by a 5 wave movement towards the major direction which is UP in this case. Hence, a high probable trade direction from here is expected to be on the north side, against 116.72, with potential upside targets as 200, 250 and above 360 levels as Wave (3) of the same degree sub divides into 5 waves. Alternately, a break below 116.72 levels could be a bear trap and prove to be extremely shallow, better avoided. Looking at the long term wave structure, a stop below 83.00 would be still within the permitted risk- reward ratio, going forward. The short term wave structure may be carving a lower degree wave ii before the thrust wave iii resumes higher. For conservative trading approach could be to allow a break of 200 levels first, and then look to buy on dips.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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