ETH/USD forecasting the decline and selling the rallies at blue box

In this technical blog we’re going to take a quick look at the Elliott Wave charts of ETHUSD. As our members know ETH is showing incomplete sequences in the cycle from the 08/15 peak. The cryptocurrency is bearish against the 1681.4 pivot. Recently ETH has made 3 waves bounce when it has reached our blue box- selling zone. We recommended members to avoid buying and keep selling rallies in 3,7,11 swings due to bearish sequences. In the further text we are going to explain the Elliott Wave Forecast and the trading strategy.

ETH/USD H4 Elliott Wave analysis 12.12.2022

ETHUSD made 5 waves down from the 1681.4 high. Currently the price is giving us 2 red recovery that is correcting the cycle from the mentioned 1681.4 peak. At this moment we believe recovery is still in progress toward marked blue box area. We recommended members to avoid buying the Index in proposed push up.

Let’s see what the price structure looks like in h1 time frame.

ETH/USD H1 Elliott Wave analysis 12.12.2022

Correction looks incomplete at the moment. We expect to see more more upside toward 1350.7-1516.75 area. Strategy is waiting for Blue Box to be reached before selling it. Invalidation for the trade would be break above 1.618 fibs extension: 1516.22. As the main trend is bearish we expect sellers to appear at the blue box for 3 waves pull back at least. Once pull back reaches 50 Fibs against the ((b)) black low, we will make short position risk free ( put SL at BE) and take partial profits.

As our members know Blue Boxes are no enemy areas , giving us 85% chance to get a reaction.

ETH/USD H1 Elliott Wave analysis 12.19.2022

Eventually , ETHUSD made extension higher toward our selling zone : 1350.7-1516.75 area. The pair found sellers right at the blue box and made reaction from there that has reached 50 fibs against the ((b)) black low. As a result, members who took short trades mad positions risk free . ( Put SL at BE) and took partial profits. At this stage we see wave 2 red completed at 1351.87 high. Decline from the peak looks to be unfolding as 5 waves. We expect another marginal low before bounce in ((ii)) takes place. The price should ideally make break of previous low : 3 red 11/09 to confirm wave 3 red is in progress.

Share: Cryptos feed

FURTHER DISCLOSURES AND DISCLAIMER CONCERNING RISK, RESPONSIBILITY AND LIABILITY Trading in the Foreign Exchange market is a challenging opportunity where above average returns are available for educated and experienced investors who are willing to take above average risk. However, before deciding to participate in Foreign Exchange (FX) trading, you should carefully consider your investment objectives, level of xperience and risk appetite. Do not invest or trade capital you cannot afford to lose. EME PROCESSING AND CONSULTING, LLC, THEIR REPRESENTATIVES, AND ANYONE WORKING FOR OR WITHIN WWW.ELLIOTTWAVE- FORECAST.COM is not responsible for any loss from any form of distributed advice, signal, analysis, or content. Again, we fully DISCLOSE to the Subscriber base that the Service as a whole, the individual Parties, Representatives, or owners shall not be liable to any and all Subscribers for any losses or damages as a result of any action taken by the Subscriber from any trade idea or signal posted on the website(s) distributed through any form of social-media, email, the website, and/or any other electronic, written, verbal, or future form of communication . All analysis, trading signals, trading recommendations, all charts, communicated interpretations of the wave counts, and all content from any media form produced by www.Elliottwave-forecast.com and/or the Representatives are solely the opinions and best efforts of the respective author(s). In general Forex instruments are highly leveraged, and traders can lose some or all of their initial margin funds. All content provided by www.Elliottwave-forecast.com is expressed in good faith and is intended to help Subscribers succeed in the marketplace, but it is never guaranteed. There is no “holy grail” to trading or forecasting the market and we are wrong sometimes like everyone else. Please understand and accept the risk involved when making any trading and/or investment decision. UNDERSTAND that all the content we provide is protected through copyright of EME PROCESSING AND CONSULTING, LLC. It is illegal to disseminate in any form of communication any part or all of our proprietary information without specific authorization. UNDERSTAND that you also agree to not allow persons that are not PAID SUBSCRIBERS to view any of the content not released publicly. IF YOU ARE FOUND TO BE IN VIOLATION OF THESE RESTRICTIONS you or your firm (as the Subscriber) will be charged fully with no discount for one year subscription to our Premium Plus Plan at $1,799.88 for EACH person or firm who received any of our content illegally through the respected intermediary’s (Subscriber in violation of terms) channel(s) of communication.