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Ethereum (ETH) Corrects After Reaching Yearly High – Will $1,800Ethereum (ETH) has experienced a corrective phase following its new yearly high on July 14. While the price action confirms the correction, the wave count suggests that ETH will likely bottom soon, paving the way for it to resume the previous upward trend. Daily RSI Bearish Signal The daily Relative Strength Index (RSI) is bearish, corroborating the Ethereum price drop. The RSI is a key indicator used by traders to assess market conditions. An RSI above 50 and trending upward indicates a positive sentiment for bullish investors, while a value below 50 suggests the opposite. At present, the RSI is falling and below 50, signifying a bearish trend. ETH Price Prediction: How Long Will the Correction Last? Based on the Elliott Wave count, Ethereum's price has completed a five-wave increase and is currently in an A-B-C corrective structure. This indicates that the price is currently in the C wave, which will ultimately conclude the correction. The Elliott Wave theory helps analysts understand the trend's direction by studying recurring long-term price patterns and investor psychology. Applying a 1:1.61 ratio to waves A:C suggests a potential low near $1,780, which aligns with the 0.618 Fibonacci retracement support level. According to the Fibonacci retracement theory, after a significant price change in one direction, the price is expected to partially return to a previous level before continuing in the same direction. Considering this confluence, it is likely that Ethereum's price correction will find support around the $1,780 level before resuming its upward movement toward $2,000. Looking Ahead: Despite the optimistic long-term ETH price prediction, a decline below the June 10 low of $1,648 would indicate that the current decrease is not merely a correction but rather a continuation of the bearish trend. In such a scenario, the price could potentially fall to $1,450.
by cryptohopper
LunarCrush (LUNR)Lunr price today is $0.3 with a 24hour trading volume of 1 million dollar LunarCrush provides social insights for cryptocurrencies and Lunr is a utility token rewarded to LunarCrush users for the work they put into LunarCrush I remember the first time I talked with Joe Vezzani the CEO of the project it was 3 a.m and I loved everything about their team and their mission and they still crushing it I started investing since the price was 0.14 and I think we going to see much higher prices targets 0.39 , 0.50
LLong
by moonypto
Ethereum Sunny 🌞🌤️ Good news for Ethereum investors! Based on the chart index for the past hour, it looks like we're in for some sunny weather ☀️. The close price is currently above the long position entry point of 1980, indicating a positive trend. 📈 With a long take profit (TP) set at 2040 and a stop loss (SL) at 1720, investors may want to consider entering a long position. However, it's important to keep an eye on market trends and adjust the TP and SL accordingly to maximize profits and minimize losses. 💰 Overall, the forecast looks optimistic for Ethereum investors, but as always, caution and careful monitoring are key to successful trading in the cryptocurrency world.
BINANCE:ETHUSDLong
by ChatGPT_Bitcoin_Forecaster
Leading Diagonal Starts a Large Zig ZagIn the world of technical analysis, patterns play a crucial role in forecasting the future movements of a financial instrument. One such pattern is the leading diagonal, which can signify the start of a more extensive zig zag formation. In this article, I will delve into the recent price movements of the S&P 500 Index (SPX) and how a leading diagonal pattern has emerged as the beginning of a large zig zag formation. I will also discuss the significance of a leading diagonal in a zig zag formation and how it can serve as a valid trading signal. Leading Diagonal Pattern in SPX SPX recently witnessed a move that started around 3808 and peaked at nearly 4040. This price movement, characterized by a series of higher highs and higher lows, is indicative of a leading diagonal pattern. As the name suggests (leading), this pattern often appears at the beginning of a zig zag formation and is a valid formation within this context. A leading diagonal is a five-wave structure, where each wave consists of three sub-waves. In the case of the SPX, we can observe this five-wave structure, which is now complete. The recent drop was expected, and the 4020 level has been a point of interest for some time. The index experienced an overthrow of this leading diagonal, and we are now below the lower trendline of the pattern. Current Market Situation and Future Projections At present, SPX is experiencing a small relief rally after falling below the lower trendline of the leading diagonal pattern. This indicates that bears are currently exhausted, and late short-sellers from yesterday are feeling the impact of time decay on their positions. As we move forward, we can expect a further move to the downside in the coming days or week, likely followed by a rally that takes the index back above the 4000 mark (potentially reaching the 4043-4050 range). It is essential to keep an eye on the 61.8% retracement level, which stands at 4043. This level could be reached within the next two weeks and coincides with the next full moon, a period that I believe may present unique opportunities. You should be on the lookout for a potentially lucrative short position if the index reaches these levels. At this time, I am not projecting any further out than the next few weeks, as the current primary path suggests a move back towards the 61.8% retracement level, followed by a potential short opportunity. However, it is crucial to keep in mind that market conditions can change rapidly, and you must remain vigilant and adaptable in their strategies. The recent leading diagonal pattern observed in the SPX serves as a valid formation, signifying the beginning of a larger zig zag pattern. By monitoring the 61.8% retracement level at 4043 and the next full moon, traders can identify potential short opportunities in the coming weeks. It is crucial to remain vigilant, as market conditions can change rapidly, and traders must be prepared to adapt their strategies accordingly. This analysis serves as a guide for understanding the current market situation and identifying potential entry points, but it is essential to conduct your research and evaluate your risk tolerance before making any investment decisions.
SP:SPX
by bitdoctor
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