Ethereum is still within correction triangle. With lower volatility and volume, its just a matter of time before fireworks will start. The triangle formation is a symmetric triangle which pas preceded by an upward trend. Most of the times, this triangle formation leads to continuation of the previous trend.
Based on Elliott Wave analysis, all time high at $400 was wave 1, we are nearing second wave correction which will followed by a third impulsive third wave. Usually third wave is the strongest wave, most of the time extends 161.8% of wave 1. Chart is valid as long as Ethereum stays above $205 low. Targets 100% extension at $615 and 161.80% extension at 870$.
Chart: ETH/USD
Please check my previous post, chart including EW count.
https://steemit.com/cryptocurrency/@ctyptouniverse/ethereum-ew-analysis-07-05-2017
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice.
Good analysis! Keep on posting! Upvoted and following
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Ethereum is going to be king :)
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Ethereum is the best cryptocurrency.
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Eth is not a currency. Learn before you invest! www.decred.org
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Vitalik does not want to call Ethereum a currency jast because it won't be banned on countries that are not crypto currency friendly. But Ethereum has all atributtes that a a currency should have (store of value, divisibility, portability, homogeniety, durability etc) also new ones like smart contracts, that no currency had before.
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Nice post that gives me confidence to keep holding ethereum. It has been a frustrating few weeks but I do think better times are ahead.
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thanks for sharing!!
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Eth up, Btc up, Atls up. Euro down, Dollar down, Yen down!!!
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