Ethereum is eyeing $1500 support with A-B-C drop
|Ethereum with ticker ETHUSD made a nice bullish run this year from 1063; a move that can be counted in five waves so we will be expecting more gains after a pullback that is still underway after recent intraday drop below 1600. We see ETH now in a deeper downward complex correction, ideally a flat, meaning there can still be a recovery from the near-term support. 1500 area around the 61.8% Fibo. certainly looks very interesting for completion of a five-wave drop in (C) wave, so more short-term weakness is possible after subwave four pullback. A rise above 1800 will invalidate the current intraday bearish impulse, but on the other hand it will confirm the bullish turn.
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.