ETHUSD Elliott Wave Analysis TradingLounge Daily Chart
Ethereum/USD Elliott Wave Analysis: Understanding Impulse Patterns
In today's Elliott Wave Analysis by TradingLounge on 7th March 2024, we delve into the dynamics of Ethereum/USD (ETHUSD) utilizing Elliott Wave Theory to discern potential trading opportunities.
Ethereum/ U.S. dollar(ETHUSD) Daily Chart Analysis
ETHUSD Elliott Wave Technical Analysis
Functionality: Following Trend
Mode: Motive
Structure: Impulse
Current Position: Wave (3)
Projected Direction: Wave ((3)) of Impulse
Elliott Wave Analysis Overview:
ETHUSD exhibits a prominent Impulse pattern, currently positioned within Wave (3). However, the pattern is yet to be completed, awaiting two crucial moves to fulfill its trajectory.
Ethereum/ U.S. Dollar (ETHUSD) Trading Strategy :
ETHUSD remains firmly entrenched in its Wave 3 uptrend, with two critical movements yet to unfold to complete the Impulse pattern: a Wave 4 descent followed by a Wave 5 ascent. This suggests a prevailing bullish sentiment within the market, reflecting a sustained upward trajectory.
Ethereum/ U.S. Dollar (ETHUSD) Technical Indicators:
Observations on technical indicators reinforce the optimistic outlook. Price action stands above the MA200, indicative of an Uptrend, while the Wave Oscillator signals a bullish Momentum, further bolstering confidence in the upward trajectory.
ETHUSD Elliott Wave Analysis TradingLounge 4Hr Chart, 7 March 24,
Ethereum/ U.S. dollar(ETHUSD) 4Hr Chart Analysis
ETHUSD Elliott Wave Technical Analysis
Delving deeper into the 4-hour chart analysis for Ethereum/USD, the Elliott Wave Technical Analysis reveals similar patterns to the daily chart.
Functionality: Following Trend
Mode: Motive
Structure: Impulse
Current Position: Wave ((5))
Projected Direction: Wave 1 of Impulse
ETHUSD Key Insights:
Echoing the analysis from the daily chart, Ethereum/USD is poised within the Wave (3) rally, awaiting two pivotal moves to conclude the Impulse pattern.
Trading Strategy for Ethereum/ U.S. Dollar (ETHUSD):
ETHUSD maintains its upward trajectory within the Wave 3 rally, awaiting the completion of the Impulse pattern with a Wave 4 decline and subsequent Wave 5 rally. This reaffirms the prevailing bullish sentiment, emphasizing a consistent uptrend.
Technical Indicators for Ethereum/ U.S. Dollar (ETHUSD):
Technical indicators continue to support the positive outlook, with price action positioned above the MA200, signaling an Uptrend. Additionally, the Wave Oscillator reflects bullish Momentum, further solidifying confidence in the market's upward movement.
Technical Analyst: Kittiampon Somboonsod, CEWA
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
See Previous: Neo/ U.S. dollar(NEOUSD)
TradingLounge Once Off SPECIAL DEAL: Here > 1 month Get 3 months.
