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Ethereum (ETHUSD) Elliott Wave Technical Analysis


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 Ethereum (ETHUSD) Elliott Wave Technical Analysis

Ethereum (ETHUSD)

Elliott Wave Analysis TradingLounge 3-Daily Chart, 3 August 2022,

ETHUSD Elliott Wave Technical Analysis

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: Impulse wave (IV)

Details: Wave C may be over and from this point, it may be until the start of a new uptrend.

Wave Cancel invalid Level: 993.79

Ethereum Trading Strategy: Since the price has already moved very high from the low of the year, entering a long position might not be a good idea now, wait for the throwback to reconsider.

Ethereum Indicators: The price approaches the key resistance level and the 200-period moving average may be a short-term reversal.

Source: tradinglounge com Elliott Wave Analyst: Kittiampon Somboonsod


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Ethereum (ETHUSD)

Elliott Wave Analysis TradingLounge 4H Chart, 3 August 2022,

ETHUSD Elliott Wave Technical Analysis

Mode: Motive

Structure: Impulse

Position: Wave 2

Direction Next higher Degrees:

Details:  rising in wave 3 or 5

Wave Cancel invalid Level: 993.79

Ethereum Trading Strategy: The price has bounced back from the key resistance and has moved up quite a lot from the previous month's low. So, in the short term, there is an opportunity to test the support at the 1354.69 level. This could be an opportunity to join the trend again.

Ethereum Technical Indicators: A golden cross has occurred. The trend may turn bullish, but as RSI (14) has a short-term divergence signal, there may be a throwback

 

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