Bottom line: Ethereum corrective drop probably finds support around 210/220 levels. Bulls might be preparing to produce another rally targeting 321 levels before producing a meaningful pullback.
Technical Analysis:
Ethereum might have completed its corrective drop at 210.00 levels, or could be close to complete just below 210.00 going forward. Looking into the immediate wave structure since 116.72 lows in December 2019, Ethereum bulls seem to have carved lower degree waves I, ii, iii and probably wave iv at 180.00, 155.00, 287.00 and 210.00 respectively. Please note that Ethereum might print another low below 210.00 to terminate wave iv, before rallying further to terminate Wave v above 287.00. Most traders who took profits around the 280/87 highs might be willing to initiate fresh longs around 210.00/220.00 with a protective stop below 180.00 and projected targets above 320.00 respectively. If the above counts are correct, Ethereum should ideally stay above 180.00 and resume rally from close to current price action, pushing above 320 levels, going forward. This would complete 5 waves rally from 116.72 lows in December 2019 and can be labelled as Wave 1, within the 5 wave rally of one higher degree. Looking into the higher degree wave counts, Ethereum seems to have produced Waves (1) and (2) since 83.00 lows in December 2018. The rally between 83.00 and 363.00 was clearly into 5 waves labelled as Wave (1) here. The subsequent drop was seen in 3 waves from 363.00 through 116.72 levels respectively. If the above counts hold true, Ethereum is progressing into Wave (3) since then. Furthermore, it is expected to terminate lower degree Wave 1 around 321.00 and Wave (3) to terminate above 500 levels respectively. Watch out for a bullish reversal from here, for a potential target above 321 as Wave 1 within Wave (3) rally.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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