Today we will see if etheruem could still reach $ 520 dollars or if it will continue to correct the price?
Ethereum is between 2 uptrend lines and about to close for the seventh consecutive week above $ 350.
I will analyze the weekly, daily candles, and elliot waves
If we analyze the price of ethereum during the last 6 weeks we see that the price of $ 350 dollars has been a good price support
In the last 6 weeks, the body of the candle has closed or started at those values, which makes the price of $ 350 dollars a good support.
Another data is the wicks of the candles below $ 350 dollars, this shows that there is interest from investors to buy Ethereum below the price of $ 350 dollars.
It seems to have found, a few weeks ago, a support in the 310 dollars, forming a double bottom, and a new upward cycle has begun.
In the last few days it has tried to enter the inner bullish channel, but the price was rejected
This week it has overcome the resistance of $ 370 dollars and has reached the resistance of $ 390 dollars. another good tip for ethereum
Next resistance to beat $ 440
Ethereum price is currently between the 21-period average, and the 50-period MA average daily chart.
It would be a very good sign that the week closes above the average of 50 daily chart periods
In the last few days the price of Ethereum has moved by the support of the uptrend line.
Elliot wave analysis
Analysis according to Elliot
I have updated the elliot waves considering that Ethereum continues its bullish cycle, completing a wave 4 of 5 elliot waves of the main cycle of 5 elliot waves
Analyzing the graph, we can say that we are starting on a wave 5 of 5 main waves of elliot.
Within these 5 main waves we can analyze and define elliot subwave cycles
We can identify a new cycle 5 subwaves of elliot as we see in the graph
Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with elliot sub waves we could identify the first 2 waves fulfilled and project the remaining waves of elliot
In subwave 1 the price reached $ 360 dollars and 2 corrected the price to approximately $ 315 dollars and today we are seeing an upward momentum that could reach approximately $ 440 dollars in wave 3.
As we see today, we are starting, the upward momentum of a wave 3 and then wait for the correction of a wave 4.
How is the objective determined?
If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for waves 3 and 5
If we apply Fibonacci extensions, we can define a possible objective of wave 5, it could take the price up to $ 500 dollars approx.
If you go back more than $ 300, cancel this elliot analysis
Target: between $ 235 and $ 245 approximately. (compliment)
Target: range from $ 270 to $ 280 approx. (compliment)
Target: range from $ 310 to $ 320 approx. (compliment)
Target: range from $ 350 to $ 360 approx. (compliment)
Target: range from $ 440 to $ 450 approx.
We must always consider the downside possibilities. We can consider that wave 4 of the main count is not forming.
It could be forming an elliot ABC cycle, where A would be fulfilled and we are seeing a bullish retracement to form B.
It will depend as far as B goes, to be able to project the C wave.
- Target: between $ 250 and $ 230 approximately for a possible wave C
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