Bottom line: Ethereum seems to have resumed towards 320 levels at least after forming a potential bottom around 213.00 on March 01, 2020.
Technical Analysis:
Ethereum bulls are back into play after the corrective drop completed at 213.00 levels early this week. Looking into the entire wave structure and probable counts since 116.72 lows, Ethereum seems to have terminated lower degree waves I, ii, iii and iv already. Wave I was an impulse that terminated around 178.97, which was followed by a sharp zigzag wave ii that terminated at 155.76. Wave iii was extended and terminated at 287.32 followed by wave iv that potentially terminated around the 213.00 levels respectively. If the above count is correct, Ethereum could be on its way towards 320.00 levels at least to terminate Wave v and subsequently a higher degree Wave 1 of (3). Looking at the medium to long term wave structure, Ethereum had completed a larger degree corrective Wave ((2)) around 83.00 levels in December 2018. Since then, it is unfolding Wave ((3)), which is expected to push above 1400 levels, going forward. Furthermore, lower degree waves within ((3)) are unfolding since 83.00 levels. The rally between 83.00 and 360.00 was an impulse, labelled as Wave (1). This was followed by a corrective drop towards 116.72, labelled as Wave (2) and Wave (3) is underway, expected to terminate above 360 levels. Most traders might be willing to look into the above longer term counts and re-build long positions, with a protective stop below 116.72 and projected targets above 360.00 levels, as Wave 1 of (3) terminates. Alternately, the corrective drop may dig further towards 202.00 as well, before the rally could resume. In either case, Ethereum bulls are expected to remain in control until prices stay above 116.72 levels, going forward.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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