Ethereum/US Dollar (ETH/USD) Elliott Wave Analysis – TradingLounge 1-Day Chart
ETHUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Next Higher Degree Direction: Wave II
Wave Invalidation Level: $3,429.97
ETH/USD Trading Strategy
Ethereum (ETH/USD) is undergoing a Wave II correction, with Wave C expected to reach the $2,899.73 support level. A breakout above $3,429.97 would invalidate the current bearish corrective outlook, indicating a potential trend reversal to the upside.
Key Trading Strategies:
- If ETH maintains support at $2,899.73 and displays a reversal pattern, it would confirm the completion of Wave II, signaling a potential bullish move.
Ethereum/US Dollar (ETH/USD) Elliott Wave Analysis – TradingLounge 4-Hour Chart
ETHUSD Elliott Wave Technical Analysis
Function: Counter-Trend
Mode: Corrective
Structure: Zigzag
Position: Wave C
Next Higher Degree Direction: Wave II
Wave Invalidation Level: Not specified
ETH/USD Trading Strategy
The 4-hour chart reveals a completed Wave 1, followed by an ongoing corrective Wave 2, which is shaping into a classic zigzag pattern (A-B-C). Wave A has concluded, and Wave B is currently unfolding. Projections suggest that Wave C may extend to the 0.786 Fibonacci retracement level, around 0.03217 USDT.
Key Trading Strategies:
- If ETH holds firm at the $2,899.73 support level and forms a reversal pattern, it would confirm the completion of Wave II, offering potential buying opportunities.
Technical Analyst: Kittiampon Somboonsod
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