? Ethereum Final 5th Wave Aims at $200 Target ?

2 min read

Hi traders,

Ethereum (ETH/USD) is in a steep downtrend channel, although price is again approaching a strong support zone. A new lower low is expected before a potential reversal might occur.

ETH/USD

Day


ETH/USD needs to break (blue arrows) above the resistance trend line (red) before a larger bullish breakout is likely to occur. The orange lines indicate potential support zone between $150 and $225.

Day 2


ETH/USD seems to be building a wave 4 (orange) correction at the moment. A bearish continuation is likely to occur when considering the strong bearish momentum as price is pulling away from the 21 ema zone. This could be a final 5th wave (orange) of a wave 5th wave (red). The -61.8% Fib target is at 190-200$.

4 hour


The SWAT candles are indicating bearish momentum (red candles). Price made a small pullback but has already broken below the bear flag pattern support lines and seems ready for a bearish continuation unless price bounces at the previous bottom. A rally is likely to stop at the resistance trend lines (purple) and price needs to break above $350 before an uptrend is likely at this point.

Good trading,
Chris Svorcik
Elite CurrenSea

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