31Jan

Ethereum Crypto Price News Today Using ETHUSD Elliott Wave Technical Analysis: Potential Breakout from Wave (2) to Wave (3)

ETHUSD Elliott Wave Analysis – TradingLounge Day Chart

Ethereum/ U.S. Dollar (ETHUSD) Day Chart Analysis

ETHUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Next Higher Degree Direction: Wave II

Wave Cancelation Level:

Ethereum/ U.S. Dollar (ETHUSD) Trading Strategy

ETH/USD is currently in a corrective phase within Wave (2). If the price sustains above the critical support level, there is a strong possibility of entering Wave (3), which signals the beginning of a new uptrend. Traders should keep a close watch on price movements around the 3,007.89 USD and 3,354.68 USD resistance levels.

Trading Strategies

Buy Strategy (Long Position)

  • If the price remains above 3,007.89 USD and successfully breaks through the 3,354.68 USD Bullish Level, it will confirm that ETH is entering Wave (3), signaling a new bullish trend.

Risk Management

  • If the price drops below 3,007.89 USD, it could test the next support level at 2,911.55 USD.

  • A further decline might lead to a price adjustment down to 2,149.30 USD.

ETHUSD-1D-Crypto-Cha...


ETHUSD Elliott Wave Analysis – TradingLounge 4H Chart

Ethereum/ U.S. Dollar (ETHUSD) 4H Chart Analysis

ETHUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Next Higher Degree Direction: Wave II

Wave Cancelation Level:

Ethereum/ U.S. Dollar (ETHUSD) Trading Strategy

ETH/USD remains in a corrective Wave (2) phase. If the price holds above key support, a potential breakout into Wave (3) could initiate a new uptrend. Investors should monitor price action near 3,007.89 USD and 3,354.68 USD resistance levels for confirmation of the bullish movement.

Trading Strategies

Buy Strategy (Long Position)

  • If the price stays above 3,007.89 USD and breaks through the 3,354.68 USD Bullish Level, it will indicate ETH is transitioning into Wave (3), signaling a strong uptrend.

Risk Management

  • A price drop below 3,007.89 USD could push ETH towards the next support level at 2,911.55 USD.

  • A deeper correction could lead to an adjustment down to 2,149.30 USD.

Technical Analyst: Kittiampon Somboonsod

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

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