-
ETHUSD completes five wave cycle.
-
It has broken Elliott Wave Channel Support Line.
-
RSI shows bearish divergence.
Ethereum, the world’s second-largest cryptocurrency, breaks well above $4,000 but investors may not get too excited around here as ETHUSD can be trading in a fifth wave, final leg of a five-wave rise from 2115 level. We know that five waves may suggest a slow of a current cycle, maybe already this month at 4500-5000 area where we see some projections for a fifth wave.
At the same time it's worth to mention that we see subwave 5) near upper Elliott Wave channel resistance line while RSI also shows a divergence, so it can be very late for any new longs. Of course the trend is up, no doubt, but it’s good to be patient and be aware of a dips and maybe rather look for a new opportunities after three wave retracements.
Interesting first support can be here at 3500, at the former wave four, but ETHUSD has broken Elliott Wave channel support line, so in case if we see a five-wave decline, then ETH may face a deeper corrective decline.
ETH/USD 4h Elliott Wave analysis chart
Finally, another ELLIOTT WAVE OPEN DOOR Event is here. See all of our charts FREE for 10 days. Join us at www.ew-forecast.com/register
By using Wavetraders website, any services, products, and content contained here, you agree that use of our service is entirely at your own risk. You understand that there is a very high degree of risk involved in trading on the markets. We assume no responsibility or liability for your trading and investment results. The charts, and all articles published on www.wavetraders.com are provided for informational and educational purposes only!
By using the information and services of www.ew-forecast.com you assume full responsibility for any and all gains and losses, financial, emotional or otherwise, experienced, suffered or incurred by you.
Recommended Content
Editors’ Picks
XRP corrects as traders weigh possibility of SEC appealing Ripple ruling
Ripple (XRP) trades with minor losses on Friday as holders weigh the impact of a likely appeal by the US Securities & Exchange Commission (SEC) in the Ripple lawsuit.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin has risen around 3% so far this week, breaking above its range upper limit of $64,700. This gain was supported by increased institutional demand for ETFs, which recorded inflows of more than $612 million this week.
Crypto Today: Bitcoin, Ethereum and XRP steady above major support levels, Worldcoin leads AI token gains
Bitcoin, Ethereum trade above key supports at $65,000 and $2,600, as of Friday. XRP corrects slightly, holding steady above $0.5892. Worldcoin climbs 3% as Polymarket bet shows a 66% chance of OpenAI becoming a “for profit” entity before April.
Top 3 meme coins Dogecoin, Shiba Inu and Pepe: Rally continues
The prices of the top 3 meme coins by market capitalization, Dogecoin, Shiba Inu and Pepe, extend their gains on Friday after a rally on Thursday. The technical outlook for the three coins hints at further gains ahead as they all broke above bullish technical patterns.
Bitcoin Weekly Forecast: $70,000 mark on sight as bulls remain strong
Bitcoin (BTC) has risen around 3% so far this week, breaking above its range upper limit of $64,700.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.