Hello traders ! In this article we’re going to take a quick look at the Elliott Wave charts of Ethereum ETHUSD published in members area of the website. As our members know ETHUSD has given us nice bullish trading setup recently. We got a pull back that has ended at the Blue Box zone,our buying area. In the further text we are going to explain the Elliott Wave Forecast and trading setup.
ETHUSD Elliott Wave 1 Hour Chart 12.19.2024
Ethereum is currently in a correction, forming an Elliott Wave Double Three pattern. The structure is still incomplete, and the pullback is creating lower lows. ETHUSD is likely to drop further into the 1139.8 – 2788.3 range (blue buying zone).
We don’t recommend selling ETHUSD and prefer looking for buying opportunities. From this zone, ETHUSD is expected to either rally to new highs or make a 3-wave bounce.
Once the bounce reaches the 50% Fibonacci level relative to the (X) high, we’ll move the stop loss to break-even (BE) and take partial profits.
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ETHUSD Elliott Wave 1 Hour Chart 12.26.2024
ETHUSD made an extension toward our buying zone: 1139.8 – 2788.3 as expected. The crypto found buyers at the Blue Box , and we got a good reaction from there. The bounce reached 50 fibs against the (X) connector. As a result, traders who entered long positions are now enjoying risk-free profits. With the price holding above the 3099 low, we expect further strength to follow.
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