Bottom line: Ethereum bullish structure remains intact until prices stay above 116.72. Bulls are determined to take out next in line resistance at 200.
Technical Analysis:
Ethereum bulls seem to be firmly in control after breaking above 160.00 interim resistance. They have managed to print high at 171.00 until now, and are looking poised to push through the 200 mark before producing a meaningful corrective drop. Looking at the immediate wave structure since 116.72 lows, Ethereum looks be unfolding into a lower degree impulse wave. The sub waves within the impulse are unfolding at the moment, and the final leg is expected to terminate around the 195-200 zone. If the above holds true, we could witness a slight corrective drop towards 155.00 before the rally resumes, and pushes through 195-200 respectively. Trading opportunities are seen primarily on the north side towards the major trend, and it is suggested to hold long positions taken earlier with the next target as 195-200. A more conservative approach would be to allow prices to break past 195-200 first; then consider buying on corrective drops towards 152.00 with protective stops at 116.72 and target above 360.00 respectively. Looking at the overall wave structure since 83.17 lows in December 2018, Ethereum has produced a classic 5-3 Elliott Wave pattern. The rally between 83.17 and 363.30 was in 5 waves, labelled as Wave (1). Subsequent corrective drop was in 3 waves A-B-C, towards 116.72 marked as Wave (2). If the above counts are correct, Ethereum has now resumed its Wave (3) rally above 360.00 going forward. Please note that a lower degree Wave 1 of (3) is underway and expected to terminate around 200.00. In the next 12-15 months time, Ethereum bulls are expected to cross above the 360.00 mark as Wave (3) progresses.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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