Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!
What ethereum is doing um, obviously a bit of a recovery today, nothing too crazy and no reason to become too bullish and no reason to formo anyway, um. Obviously, after we moved down out of this triangle here, which was away four, we have entered as expected, wave five and now the only question that that i really have that everybody is sort of asking themselves is: is this already the turnaround space or do we go Lower um after we hit here my target level of 880 roughly came very, very close and bounced off it. But is this already the turnaround now i cant rule it out, but i currently dont see it. I dont see it and the reason for that is that if we zoom in, i have a problem to copes. I have a problem to count this as a completed five wave move to the downside and therefore theres a few options. Ive got here um. I can just count this, as you know, theres a few ways of doing this um. I could just count this as an ending diagonal in a in this way. Five yeah. I could just count this as a one two, three, four five um, possibly even just think we could even do that. Four up here, wave five started and in this wave five we have a one two, three, four five thats, also an option: um absolutely, which is then creating here the form of an ending diagonal.
Basically, a descending wedge, you could argue, which then would mean well, have one more wave down, and that could really be it because i had a problem to otherwise just just count it, and this seems to for me the most likely option um, given that i cant Just count five weights in a normal impulse. Yeah i mean a diagonal: is a motive wave meaning it goes into the direction of the higher level trend which is in this case still down. But i cant count the normal impulse, because the wave four would have cut into the wave one price range, irrespective of if the wave one was here or here doesnt matter. So from that point of view, this is currently um for me a more very likely option, especially as we are sort of we bounced off this resistance level at hundred and one thousand seventy five dollars, which now seems to be creating here, this descending trend line yeah, You can see that and this descending trend line together forming a descending wedge pattern or an ending diagonal ending diagonal quite likely actually because it means we are sort of at the end yeah in the fifth wave, an ending diagonal, which means you know, sort of. We could really uh have now in this fifth wave, a three wave moved down. That is what you would normally get in a diagonal pattern. A three wave move down abc now: three wave move down lets see if thats going to happen um and again that would need to go lower, ideally than the wave three so ideally below 883 dollars and one target i gave you for that fifth wave was here: 770 dollars yeah lets see if we actually um.
If we get there, i mean i might need to change it now. Lets see. Take the wave one length. Add it to the wave four high yeah that has changed now. So 830 is also target 830, because the wave five target often is the length of the wave one, and that would be at 8, 30. Okay, so lets see thats, definitely a target. I would observe very closely on the way down bear in mind. We have not even broken back above the 1075 level, so looking at it as long as we are yeah below the wave four high that you can see up there in blue, which is sort of the wave too high here in yellow and the wave four in Blue 12. 55. 12. 54. 12. 55. As long as we are below that level, yeah, the focus is still down um. I would expect primarily another move down not guaranteed, though, and if we break through this wedge to the upside or break above 1075, i think the next target would be 1254 because it is the next major resistance level, and that is currently how i see here. The ethereum chart and really want to make a super long video, but this is what makes sense to me. This would also make sense from a wave count point of view, because we are sort of in this late stage here of the of the overall correction and again worst case for me remains here that 88.
7 fip level at 618. That is the 88.7 flip level. The last major fib level on the fib scale, and also here at the latest, the price should turn around um. That is my view at the moment. So at the moment there is no reason to fomo for me and anybody who wants to trade, the breaker thats, of course, up to you, we have a nice trade setup here going above that resistance level at 10.75 with, ideally, a retest would, in my opinion, lead To a price increase to 12.54 yeah always use a stop loss, especially in the current environment. I think um, unless you were happy to accept that prices could still drop lower yeah. That is my view about ethereum. So hopefully you like the update, if you did please hit the like button, leave a comment and subscribe and if you really like the content, check out the channel membership, and maybe even the trading course im currently offering on morecryptoonline.