Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Ethereum (ETHUSD). As our members know, ETHUSD is showing incomplete sequences in the cycle from the 3977 peak. We have been predicting a price decline. Recently, we got a bounce against the 3650 peak , after which the price dropped toward new lows as we expected. In the following text, we will explain the Elliott Wave Pattern and the forecast.
ETHUSD H1 Elliott Wave Analysis 07.01.2024
ETHUSD current view suggests cycle from the 3650 is still in progress as 5 waves structure. We believe wave (iv) blue ended at 3515 high, as labeled on the chart. As far as the price stays below that peak and more importantly below 3650 peak, we expect further weakness in the cryptocurrency to occur. Although overall view is bullish, we don’t recommend buying the cryptocurrency at this stage and expect to see a decline toward new lows ideally.
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ETHUSD H1 Elliott Wave Analysis 07.01.2024
The cryptocurrency hold previous peak at 3515 and found sellers as expected. As a result we got a decline toward new lows. Current view suggests cycle from the 3622.7 peak is still in progress as impulsive structure. ETHUSD is now doing (iv) blue recovery. Once wave (iv) blue recovery completes, we should ideally get another low to complete the structure.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.
Source: https://elliottwave-forecast.com/cryptos/ethereum-ethusd-decline/