Ethereum forecast: Anticipating the rally after a three-wave pullback
In this technical article we’re going to take a quick look at the Elliott Wave charts of Ethereum (ETHUSD) , published in members area of the website. As many of our members are aware, the crypto is showing impulsive bullish sequences in the cycle from the August 2024low , that are calling for a further strength. In the further text we are going to explain the Elliott Wave Analysis.
ETH/USD Elliott Wave one-hour chart 12.10.2024
ETHUSD completed wave 4 (blue) at the 3490 low, forming Elliott Wave Zig Zag pattern. Currently, we are close to completing the intraday pullback ((ii)) (black). As long as the price stays above the 3490 low, we expect further strength in the crypto. This could potentially lead to new highs. We advise against selling and prefer the long side.
ETH/USD Elliott Wave one-hour chart 12.13.2024
Ethereum held above the 3490 low and rallied further, as expected. The current view suggests that we’ve completed 3 waves up so far. Another high would be ideal to complete the 5-wave cycle from the 3490 low. A break above the (3) blue peak (the December 6th high) would confirm that the next leg up is in progress. After this break, we can look to buy intraday dips again in the 3, 7, and 11 swings.
Author
Elliott Wave Forecast Team
ElliottWave-Forecast.com
