ETH/USD Elliott Wave technical analysis [Video]

ETH/USD Elliott Wave technical analysis

• Function: Follow Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 5.

• Direction (Next higher degrees):

• Wave cancel/invalidation level:

Ethereum/US Dollar (ETH/USD) – Trading strategy:

Ethereum continues to move within a bearish Wave C structure, part of a broader Zigzag correction pattern. The current decline is within sub-wave (5), which is in progress and may be nearing completion. Ethereum is presently developing sub-wave (3) of wave (5). A short-term upward correction in wave (4) is anticipated before the final leg down completes wave (5).

Trading strategies:

• Strategy:

  • For short-term traders (Swing trade):

    • Consider long positions once buying pressure and a bullish signal appear near the $1,470 support area.

• Risk management

ETH/USD Elliott Wave technical analysis

• Function: Follow Trend.

• Mode: Motive.

• Structure: Impulse.

• Position: Wave 5.

• Direction (Next higher degrees):

• Wave cancel/invalidation level:

Ethereum/US Dollar (ETH/USD) – Trading strategy:

Ethereum remains in a downward wave C movement within a larger Zigzag correction pattern. Sub-wave (5) of this move is still forming and could finish soon. It is currently in sub-wave (3) of (5). A brief upward correction in wave (4) is expected before the final drop concludes wave (5).

Trading strategies:

• Strategy:

  • For short-term traders (Swing trade):

    • Watch for bullish confirmation and increased buying activity around $1,470 to consider long entries.

• Risk management:

  • (No details provided)

TradingLounge Analyst: Kittiampon Somboonsod, CEWA.

ETH/USD Elliott Wave technical analysis [Video]