Bottom line: Ethereum bullish structure remains intact and the rally gains momentum as bulls manage to clear past 240 and print fresh highs at 275.00.
Technical Analysis:
Ethereum bulls are firmly in control as the crypto approaches close to 280.00 levels. On December 18, 2019 Ethereum was seen trading at 116.72 levels with all skepticism of a continued drop, but waves counts were suggesting a different story. A 5-3-5 zigzag correction was near to complete around 116.50/117.00 levels and a potential higher degree Wave (2) was calling for a Wave (3) rally to resume higher. Now, in less than 2 months, Ethereum has appreciated more than 100% trading close to 270.00 levels at this point in writing. The recent rally between 116.72 through 275.00 could be termed as potential lower degree Wave 1, which is not yet labelled. If the above is correct, Ethereum bulls are expected to take a break while prices correct lower into potential Wave 2. It could be noted that the trend is strongly UP with a higher degree Wave (3) in progress. Going aggressive short to capture a potential correction should be avoided and traders could rather focus on buying the dips to remain towards the trend. Looking at the larger degree wave counts, Ethereum had carved a classic 5 Waves Up and 3 Waves down Elliott Wave pattern. The rally between 83.00 and 363.00 was in 5 waves, labelled as Wave (1). This was followed by a 3 wave corrective drop A-B-C towards 116.72, labelled as Wave (2). Since then, Wave (3) has resumed higher and is expected to terminate much higher above 363.00 mark. One can expect support coming in around 190.00 levels if a corrective drop were to materialize. Traders might be willing to initiate longs around those levels.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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