Elliott Wave analysis: Ethereum recovered well from the 1620.15 level [Video]
|![Elliott Wave analysis: Ethereum recovered well from the 1620.15 level [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Digital Currencies/Ethereum/ethereum_4_Small.jpg)
Ethereum Elliott Wave Analysis TradingLounge Daily Chart, 7 July 2023.
Ethereum/U.S.dollar(ETHUSD).
ETHUSD Elliott Wave Technical Analysis.
Function: Reactionary(Counter Trend).
Mode: Corrective.
Structure: Zigzag.
Position: Wave (C).
Direction Next higher Degrees: wave ((2)) of Motive.
Details: Wave ((2)) is likely to end at the level of 1620.15 A five-wave rise from this point will support this idea.
Wave Cancel invalid level: 1620.15.
Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.
Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are bullish momentum.
Ethereum daily chart
Elliott Wave Analysis TradingLounge 4H Chart, 7 July 2023,
Ethereum/U.S.dollar(ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 1620.15
Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.
Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum
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