Bottom line: Ethereum bulls might still have steam left to push towards 350 levels before a meaningful corrective drop.
Technical Analysis:
Ethereum bulls continue to remain in control as they consolidate previous gains from last week 260/280 mark. We had called for a potential pullback after last weeks’ highs at 286 but seems bulls are working on a potential wave iv, which could be a triangle before pushing higher towards 350 to complete a lower degree Wave 1, within Wave (3) rally. Looking at the wave counts again from 116.72 lows on December 18, 2019, Ethereum has terminated Waves I, ii, iii and potential iv at 178.97, 155.76, 287.52 and 245.28 respectively. If the above counts are correct, Ethereum bulls might push higher towards 350 levels as potential Wave v termination. Also note that for the above count to remain valid, prices must stay above 180 levels, Wave 1 termination. Looking into the larger degree wave counts, Ethereum bulls have managed to carve a bottom at 83 levels in December 2018. Since then it has managed to rally in 5 waves towards 360, labelled as higher degree Wave (1), followed by a corrective drop A-B-C terminating at 116.72, labelled as Wave (2) respectively. Please note that Wave A was an impulse, B unfolded as a triangle structure followed by Wave C into 5 waves as well. Since then, Wave (3) has been underway and is expected to travel at least 161.8% of Wave (1), which is seen towards 520/50 levels. Furthermore, a lower degree Wave 1 within Wave (3) is underway since 116.72 lows and is expected to terminate around 350 levels. Traders might be willing to hold on to their previous long positions as Wave iv consolidates and pushes higher towards wave v around 350. We could expect some profit booking around 350 levels.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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