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Ethereum: $1,200 Range Reached. Will It Rally?

By Dr. Arnout ter Schure CryptocurrencySep 21, 2022 12:16PM ET
www.investing.com/analysis/ethereum-1200-range-reached-will-it-rally-200630129
Ethereum: $1,200 Range Reached. Will It Rally?
By Dr. Arnout ter Schure   |  Sep 21, 2022 12:16PM ET
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Per Elliott Wave Principle (EWP) count, Ethereum (ETHUSD) most likely completed a leading diagonal (red) W-i/a from the June 18 low to the Aug. 14 high. It has since been in a corrective price pattern. See Figure 1 below.

Last week, I found “the bulls are on full watch on a move below $1,490, which will negate a bullish setup. Below the (green) W-a low at $1422, and we can set our sights on $1,320-1150 for a rather typical/classic 61.80-76.40% retrace of (red) W-i/a to complete W-ii/b. That, in turn, means the next rally, W-iii/c to ideally $3,500, should get underway once the current correction is over.”

Figure 1. Ethereum daily chart with detailed EWP count and technical indicators.

Ethereum Daily Chart.
Ethereum Daily Chart.

Fast forward and ETH/USD broke below $1,490 and $1,422, thus triggering the grey path I shared last week with my premium crypto trading members to ensure they would stay as well-informed as possible of ETH's price action. There are now technically enough waves to view the current leg lower from the (green) W-b high complete. However, and ideally, I would like to see a more pronounced (grey) W-iv and v. Thus, for as long as ETH's price remains below the (grey) W-i low ($1555), this path should fill in. W-iv should top around $1460+/-30, and W-v should ideally be about $1,150-1,225. From there, W-iii/c to ideally $3,500 should start.

But a rally directly above that $1,555 level means (green) W-c of (red) W-ii/b already completed. If that happens, I will set my eyes on the W-iii/c to ~$3,500. Thus, either way, there's nothing in the charts yet to tell me the rally to $3,500 will not materialize. That cut-off is still the June low. It is, for now, as I see it still a matter of "pay me now" vs. "pay me a little bit later."

Ethereum: $1,200 Range Reached. Will It Rally?
 

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Ethereum: $1,200 Range Reached. Will It Rally?

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Comments (4)
ko ko
ko ko Nov 16, 2022 9:33AM ET
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hi hello
Abdo Abajihad
Abdo Abajihad Sep 26, 2022 11:58AM ET
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hello ?
Ari M Eden
Ari M Eden Sep 22, 2022 1:15AM ET
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That said, I do think it’s undervalued and will rally, eventually.
Ari M Eden
Ari M Eden Sep 22, 2022 1:14AM ET
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Not saying you’re wrong, but wouldn’t it be nice to see assets trade more on fundamental value than this ********
 
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