Today we will see if etheruem could still reach $ 520 dollars or if it will continue to correct the price?
Ethereum is closing the month of September I will analyze the weekly candles, and elliot waves
Let's see
Weekly analysis
If we analyze the price of ethereum during the last 4 weeks we see that the price of $ 350 dollars has been a good price support
In the last 3 weeks it has closed above that price, which makes the price of $ 350 dollars a good support.
Next resistance to beat $ 390
Daily analysis
The price of ethereum has not changed its structure much from the previous post. It seems to have found support days ago at $ 310, forming a double bottom, and a new upward cycle has begun.
I have drawn several uptrend lines on the chart, to take into account
In the last few days the price of Ethereum has moved through the support of the ascending channel.
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.
Elliot Subwaves
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 $ 450 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
Bullish
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.
Another possibility
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.
Bearish
- Target: between $ 250 and $ 230 approximately for a possible wave C
What you think?
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We will continue monitoring
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