Hello fellow traders. In this article we’re going to take a quick look at the Elliott Wave charts of Ethereum published in members area of the website. As our members know ETHUSD is trading within the cycle from the June 2022 low. Consequently we expect to see more short term strength. Recently Ethereum made a pull back that has reached target area and found buyers as expected. In the further text we are going to explain the Elliott Wave Forecast.
ETHUSD Elliott Wave 1 Hour Chart 01.24.2023
Ethereum is showing impulsive bullish sequences in the cycle from the November 2022 low. Consequently we expect to see a further rally. Currently Ethereum is doing wave ((iv)) pull back which still looks incomplete at the moment. Pull back is shallow so far, so we assume ETHUSD ended only first leg (w) of ((iv)) that is unfolding as potential double three pattern. We believe Wave (y) blue is still in progress toward 1549-1491 area. Buyers should ideally appear at the marked zone for the further rally toward new high ideally or for a 3 waves bounce at least.
You can learn more about Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.
ETHUSD Elliott Wave 1 Hour Chart 01.26.2023
Pull back reached our target zone at 1549-14914 (equal legs : buyers area). Ethereum found buyers at that zone and we are getting very good reaction from there. Rally made enough separation from the lows. As a result, any longs from there should be risk free already and partial profit taken. Wave ((iv)) looks to be completed at 1516.2 low . Now, we should be ideally trading within wave ((v)) toward 1719+ area.
Keep in mind that market is dynamic and presented view could have changed in the mean time. You can check most recent charts with target levels in the membership area of the site Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room
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