Grayscale Ethereum Trust ETF – ETHE (1D) Elliott Wave Technical Analysis Daily Chart

ETHE Elliott Wave Technical Analysis

Function: Major Trend

Mode: Motive

Structure: Impulse

Position: Wave [iii]

Direction: Decline

Details:

• Wave [iii] in Grayscale Ethereum Trust ETF (ETHE) is approximately halfway completed.
• Essential Fibonacci levels required for wave (iii) of [iii] have now been achieved.
• This development points to the next movement being the final leg of wave [iii]'s five-wave decline.
• Wave (iv) has initiated and is expected to conclude within the next week, likely triggering wave (v)'s start.

Invalidation Level: $22.00

Grayscale Ethereum Trust ETF – ETHE (4H) Elliott Wave Technical Analysis Hourly Chart

ETHE Elliott Wave Technical Analysis

Function: Major Trend (Minor degree, grey)

Mode: Motive

Structure: Impulse

Position: Wave (iv) orange

Direction: Decline

Details:

• The correction phase of wave (iv) in ETHE has commenced, indicating a probable sideways market movement.
• This corrective move aims toward the territory of the previous fourth wave of a lower degree.
• The correction is expected to remain shallow, especially when compared to the retracement seen during wave (ii).
• Should the price break above $14.97, it would invalidate the current ETHE Elliott Wave forecast and suggest that wave (iv) has already progressed further.
• Presently, the market is navigating through wave b of (iv).

Invalidation Level: $22.00

Technical Analyst: Simon Brooks

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Conclusion

The key takeaways from this Grayscale Ethereum Trust ETF Elliott Wave technical analysis are:

• ETHE has entered wave (iv), creating a potential setup for short trading opportunities.
• A wave (v) decline is projected, with an expected minimum price move of $5.
• As long as ETHE remains below the $22.00 invalidation level, the current Elliott Wave count is valid. Otherwise, a revision of the analysis may be necessary.
• This period is crucial for planning trades, especially anticipating the next impulsive wave.
• Traders should adhere strictly to Elliott Wave principles and monitor invalidation levels to minimize avoidable losses.