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.
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
