Technical Analysis

Ethereum Slows Down For A Correction Within Bullish TrendMar 18, 2024

Ethereum Slows Down For A Correction Within Bullish Trend from technical perspective and by Elliott wave theory.

Ethereum with ticker ETHUSD is coming nicely higher as expected and it’s now even extending the rally on the news that Blackrock Ethereum ETF plan is confirmed in the Nasdaq filing. By current extension above base channel resistance line on the daily chart, seems like it’s trading within higher degree wave C or 3, which should be completed by a five-wave cycle of the lower degree, where we see room at least up to 4200 – 4400 area or maybe even up to all-time highs, just be aware of short-term pullbacks.

Ethereum Slows Down For A Correction Within Bullish Trend ETHUSD Daily Chart
ETHUSD Daily Chart

Looking at the 4-hour chart, we can see it slowing down from projected Fibo. cluster target area for wave 3, so seems like a higher degree a-b-c correction within wave 4 is now in play, which can retest 3400 – 3100 support zone before the uptrend for wave 5 of (3) resumes.

Ethereum Slows Down For A Correction Within Bullish Trend ETHUSD 4H Chart
ETHUSD 4H Chart

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