Ethereum: Intraday consolidation shows incomplete bull run
|Ethereum has been trading sideways for the past few days, with the current range becoming increasingly tight. This suggests it could still be forming a fourth wave, potentially a triangle, especially if we will be able to count this as an ABCDE pattern. If confirmed, we would anticipate another push to the upside, possibly targeting the 3,500 area.
However, fourth waves can sometimes be tricky, so it’s also important to consider the possibility of a more complex correction. In this case, a dip to 2,900 is also possible, though not bearish—it would simply represent a deeper correction, offering strong support within wave four. In either scenario, we believe Ethereum remains in a bull run.
ETH ETF also waking up nice lately.
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.