Ethereum ended the wave four pullback at blue box area
|In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of Ethereum. We presented to members at the elliottwave-forecast. In which, the rally from 10 March 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the pair & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
Ethereum 1-hour Elliott Wave chart from 3.22.2023
Here’s 1 hr Elliott wave chart from the 3/22/2023 New York update. In which, the cycle from the 3/10/2023 low ended in wave 3 as an impulse structure at $1846 high. Down from there, the pair made a pullback in wave 4 to correct that cycle. The internals of that pullback unfolded as a zigzag structure where wave ((a)) at $1725 low. Wave ((b)) ended at $1839.90 high and wave ((c)) managed to reach the blue box area at $1719.14- $1644.23 area. From there, buyers were expected to appear looking for the next leg higher or for a 3-wave bounce minimum.
Ethereum 1-hour latest Elliott Wave chart from 3.24.2023
This is the latest 1 hr Elliott wave Chart from the 3/24/2023 update. In which the pair is showing a strong reaction higher taking place, right after ending the pullback within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area.
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