Long
ETHUSD target $670
Since 5th May we were in downtrend from $829 high to $409.30 low.
Now we have a breakout from falling wedge, and have started an upside move. My target price is around $670, and I will explain why I think so:
1. Price target for falling wedge is equal to its size which we count from the breakout point ( $470+$214=$684).
2. 0.618 Fib.retracement level of the last drop from $829 high to $409 low is at $668.
3. When we connent 18th Feb high of $1014 and 5th May high, I think that this line will stop the upside move for Ethereum.
There is a high probability that above mentioned line (which connents $1014 and $829) will be a strong resistance, and Ethereum will be forming a triangel pattern till autumn, before we will see a real bull run (like last December) with target price at $2000-2200 ( I came to this from Fib extension level 4.618 of upside we have seen in April from $360 low to $829 high).
I really appreciate any comment, suggestion or criticism, to know I am on good way.
Now we have a breakout from falling wedge, and have started an upside move. My target price is around $670, and I will explain why I think so:
1. Price target for falling wedge is equal to its size which we count from the breakout point ( $470+$214=$684).
2. 0.618 Fib.retracement level of the last drop from $829 high to $409 low is at $668.
3. When we connent 18th Feb high of $1014 and 5th May high, I think that this line will stop the upside move for Ethereum.
There is a high probability that above mentioned line (which connents $1014 and $829) will be a strong resistance, and Ethereum will be forming a triangel pattern till autumn, before we will see a real bull run (like last December) with target price at $2000-2200 ( I came to this from Fib extension level 4.618 of upside we have seen in April from $360 low to $829 high).
I really appreciate any comment, suggestion or criticism, to know I am on good way.
Note
Like I mentioned above we are now in ABC correction. First wave with target price around $597 have 3 impulse waves. Now we finished our first wave and reached our first target at around $490, and we should see a small correction to $440-450, before next move with target near $570, which is 1.618 of a last rise from 409.30 low to $487 high, and also coincidence with Fib retracement level 0.382 of a last drop from $829 high to $409.3 low.
Bear in mind, that impulse wave target price are more accurate than corrective ones.
Note
We are now approaching our target price at around $440-450. I expect a bounce from this levels. If we count Elliott Waves, then price should go up this way.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.