Ethereum(ETHUSD) Elliott Wave Technical Analysis 29 November 2022

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Elliott Wave Analysis TradingLounge Daily Chart, 29 November 2022,

Ethereum(ETHUSD)

ETHUSD Elliott Wave Technical Analysis

Function:Counter trend

Mode:Corrective

Structure:Double corrective

Position: Wave (Y)

Direction Next higher Degrees: Sub-wave of Wave 2

Details: decrease in wave Y but must not fall below 879

Wave Cancel invalid Level: 879

Ethereum(ETHUSD Trading Strategy: The structure in the big picture is scaled downby a Double Corrective pattern in the lower wave ((Y)), but the inner sub-waves ofwave II tend to complete. Overall, there is still a chance to reverse the upward trendagain but must not go below 1073.

Ethereum(ETHUSD Technical Indicators: The price is above the MA200 MA50,indicating a downtrend. The Wave oscillator has a Bullish divergence price slowingdown

TradingLounge Analyst: Kittiampon Somboonsod

 

 

 

 

Elliott Wave Analysis TradingLounge 4H Chart, 29 November 2022,

Ethereum(ETHUSD

ETHUSD Elliott Wave Technical Analysis

Function:Follow trend

Mode:Motive

Structure:Impulse

Position: Wave (3)

Direction Next higher Degrees:

Details: The rise of wave 1, upon completion, the price will reverse in wave 2, but must notreverse below 1071.11

Wave Cancel invalid Level: 1071.11

Ethereum(ETHUSD) Trading Strategy: Price structure in wave 3 to trade above 1529,but because the price was pressured by selling pressure, causing it to be below theMA200, and MA50 line, trading during this period may have to wait for buyingpressure to come back above the MA50 or MA200 line.

Ethereum(ETHUSD) Technical Indicators: The price is above the MA200 MA50,indicating a downtrend. The Wave oscillator has a Bullish divergence price slowing down.