Since its inception, ETH has moved up in a 5-wave pattern, which is now being followed by an ABC correction.
Wave A occurred during the last bear market.
Currently, we are in wave B, and the market is showing a lot of strength. Wave B should retrace the 5th wave completely and move higher. A move higher than wave 5 will indicate a strong B wave. Depending on where wave B finishes, it will determine whether wave C retraces wave A or not.
If the B wave falls between 101-123.6% of wave A, there is still a relatively good chance that wave C will completely retrace wave B.
If the B wave exceeds 123.6% of wave A, there is little chance that wave C will retrace all of wave B. If it does, it will still be an irregular pattern. When the B wave exceeds 138.2% of wave A, there is no chance that wave C will retrace all of wave B.
I personally can see ETH reaching around $7,000 to $9,000 very soon
This is all I can say based on the 6-monthly chart.
Wave A occurred during the last bear market.
Currently, we are in wave B, and the market is showing a lot of strength. Wave B should retrace the 5th wave completely and move higher. A move higher than wave 5 will indicate a strong B wave. Depending on where wave B finishes, it will determine whether wave C retraces wave A or not.
If the B wave falls between 101-123.6% of wave A, there is still a relatively good chance that wave C will completely retrace wave B.
If the B wave exceeds 123.6% of wave A, there is little chance that wave C will retrace all of wave B. If it does, it will still be an irregular pattern. When the B wave exceeds 138.2% of wave A, there is no chance that wave C will retrace all of wave B.
I personally can see ETH reaching around $7,000 to $9,000 very soon
This is all I can say based on the 6-monthly chart.
Note
I just noticed a small mistake regarding the placement of Wave A. Wave A has not officially ended yet because we need a larger move that breaks the current structure to confirm its completion. Therefore, any consolidation happening right now is still part of Wave A.
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.
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.