Forex Technical Analysis:Ethereum Bulls Expected To Hold Above 116.72

Bottom line:  Ethereum bullish structure remains intact until prices stay above 116.72 low…

Bottom line:  Ethereum bullish structure remains intact until prices stay above 116.72 lows, going further.

Technical Analysis:

Ethereum bulls remain in control for now as they managed to break above 136.00 interim resistance early this week. It is correcting lower for now and support is expected to come in around current levels 136.00/10, before the next rally resumes. Looking at the short term wave count, lower degree waves seem to have begun to unfold since 116.72. Wave I and ii might be in place already at 135.96 and 126.84 levels respectively. Furthermore wave iii could be underway towards 159.00/160.00, which is initial price resistance as well. If the above counts are correct, Ethereum would hold above 126.84 levels. Now looking at the larger picture and higher degree wave counts since 83.17 lows print on December 15, 2018, Ethereum bulls seem to have carved a 5-3 wave pattern. The rally between 83.17 through 363.30 had unfolded into 5 waves; followed by a 3 waves drop A-B-C towards 116.72 respectively. These are marked as higher degree Waves (1) and (2) and if these counts are correct, Wave (3) should be underway pushing above 363.00 levels, going forward. It is difficult to project the time factor but an estimate could be the next 12-15 months for Wave (3) to materialize and print above 363.00. Hence, a high probable trade direction from here could be seen on the north side, against 116.72, with potential targets above 360.00 for the long term. A push above 160.00 and subsequently 200.00 would confirm that a meaningful bottom is in place at 116.72. Subsequent corrective drops should be seen as more buying opportunities against 124.00, with potential targets reaching above the 363.00 mark. Bottom line is to either remain aggressively bullish against 116.72 levels now or buy on dips after a break above 160.00.

Prepared by

Harsh Japee, Technical Analyst.

 

Ethereum Chart

 


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