Technical Analysis

ETHBTC Can See Further Rally After A PullbackDec 21, 2022

ETHBTC can see further rally after a pullback, as we see it making an A-B-C correction from Elliott wave perspective.

Ethereum is outperforming Bitcoin for the last two years and seems like it may stay so in 2023. In June 2022, we have noticed a completed higher degree wave 4 correction, which means that ETHBTC pair can be now trading within a higher degree wave 5 that can be completed by a five-wave bullish cycle.

ETHBTC Can See Further Rally After A Pullback Daily Chart
ETHBTC Daily Chart

Well, after a five-wave recovery since June 2022 into first leg (1), we can now see it slowing down within an A-B-C pullback in wave (2), where wave C is still missing and it can retest 0.060 support area before we will see further rally into wave (3) of a five-wave bullish cycle within higher degree 5th wave.

For a detailed view, check our latest Crypto video analysis below:

Check also our latest FX video analysis HERE

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