Bottom line: Ethereum bullish structure remains intact until prices stay above 116.72 lows. Bulls are poised to target above 200, to terminate a lower degree impulse.
Technical Analysis:
Ethereum bulls remain firmly in control since 116.72 lows on December 18, 2019; and are poised to complete the first impulse above 200.00. Looking at the lower degree wave counts, bulls have managed to carve lower degree waves I, ii and iii at 135.13, 126.84 and 178.97 respectively. Please note that wave iii was extended and sub divided into 5 waves breaking higher towards 178.97. If the above counts are correct, Ethereum is carving wave iv and is expected to terminate towards 158.96. It is seen to be trading close to 158.70 levels at this point in time, and is expected to resume higher towards 196.95/200.00 levels. This rally should be wave v termination, before a meaningful pullback unfolds lower. Ideally, long positions could be added around current price (158.70) with a protective stop at 138.00 and potential target around 200.00 levels. This would complete the first lower degree impulse wave, with the 5 wave rally, as Wave (3) progresses further. The larger degree wave counts also suggest that a classic 5-3-5 Elliott Wave pattern is underway since 83.00 lows in December 2018. A larger degree Wave (1) terminated at 363.30 on June 26, 2019, followed by Wave (2) termination at 116.72 on December 18, 2019 respectively. If the above larger degree counts hold well, Ethereum should remain above 116.72 levels and continue to rally above 360.00, as a higher degree Wave (3) progresses further. A more conservative trading strategy is to remain flat for now and allow prices to break above 200.00 levels first. Thereafter look for a corrective pullback to initiate fresh long positions against 116.72, with potential targets above 360.00.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
