Elliott Wave Analysis TradingLounge Daily Chart
Ethereum/ U.S. Dollar (ETHUSD) Daily Chart Analysis
ETHUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 5
Direction Next Higher Degrees: Wave 5 of Wave (3)
Wave Cancel Invalid Level: N/A
Details: Wave (5) trend move to test 4692.28
Ethereum/ U.S. Dollar (ETHUSD) Trading Strategy:
The wave 4 correction appears to have concluded, and the price has risen in Wave 5. We will now focus on a five-wave increase within the Impulse pattern, potentially testing levels between 4692 and 5120.
Ethereum/ U.S. Dollar (ETHUSD) Technical Indicators
- The price is above the MA200, indicating an uptrend.
- The Wave Oscillator shows bullish momentum.
In the context of Elliott Wave Theory, Ethereum (ETHUSD) demonstrates a clear trend. Analyzing the daily chart, we observe a motive mode impulse structure currently positioned in Wave 5. This aligns with the broader direction of Wave 5 within Wave (3), suggesting an ongoing upward movement.
ETHUSD Elliott Wave Analysis TradingLounge H4 Chart
Ethereum/ U.S. Dollar (ETHUSD) 4-Hour Chart Analysis
ETHUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave (3)
Direction Next Higher Degrees: Wave (3) of ((3))
Wave Cancel Invalid Level: N/A
Details: Wave (3) is equal to 261.8% of Wave (1) at 4227.76
Ethereum/ U.S. Dollar (ETHUSD) Trading Strategy
The wave 4 correction seems to have ended, and the price has risen in Wave 5. We will concentrate on a five-wave increase within the Impulse pattern, likely testing levels between 4692 and 5120.
Ethereum/ U.S. Dollar (ETHUSD) Technical Indicators
- The price is above the MA200, indicating an uptrend.
- The Wave Oscillator shows bullish momentum.
Moving to the H4 chart, the Elliott Wave analysis presents a consistent picture. Here, we see Ethereum in Wave (3) within a larger Wave ((3)), maintaining the motive mode and impulse structure. Specifically, Wave (3) has reached 261.8% of Wave (1) at 4227.76, a significant Fibonacci extension level often associated with strong price movements.
Technical Analyst: Kittiampon Somboonsod
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