Ethereum (ETHUSD) Bullish Rally Looking Like Impulse Structure
Short term view in Ethereum (ETHUSD) from 3.10.2021 low is in progress as a 5 waves impulse Elliott Wave structure. Up from 3.10.2021 low, wave 1 ended at 2140.8 and dips in wave 2 ended at 1622.7 as the 2 hour chart below shows. Internal subdivision of wave 2 unfolded as a double three Elliott Wave structure. Down from wave 1 at 4.16.2021 high, wave ((w)) ended at 1787 and wave ((x)) ended at 2020.6. Wave ((y)) subdivides into another double three in lesser degree. Down from wave ((x)), wave (w) ended at 1737.4, wave (x) ended at 1927.5 and wave (y) lower ended at 1622.7. This completed wave ((y)) of 2 in higher degree.
The crypto-currency has turned higher in wave 3. Up from wave 2, wave i ended at 1770.9 and pullback in wave ii ended at 1699.8. Ethereum then resumes higher in wave iii towards 1933.1. Expect wave iv dips to end soon, then the crypto-currency should extend higher in wave v. This would complete wave (i) in higher degree. Afterwards, it should pullback in wave (ii) to correct cycle from 6.15.2023 low before the rally resumes. Near term, as far as pivot at 1622.7 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
The crypto-currency has turned higher in wave 3. Up from wave 2, wave i ended at 1770.9 and pullback in wave ii ended at 1699.8. Ethereum then resumes higher in wave iii towards 1933.1. Expect wave iv dips to end soon, then the crypto-currency should extend higher in wave v. This would complete wave (i) in higher degree. Afterwards, it should pullback in wave (ii) to correct cycle from 6.15.2023 low before the rally resumes. Near term, as far as pivot at 1622.7 low stays intact, expect pullback to find support in 3, 7, or 11 swing for further upside.
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