Technical Analysis

Ethereum Is Bouncing From Key SupportJan 16, 2023

Ethereum is bouncing from key support after a completed corrective decline by Elliott wave theory.

Ethereum was in slow, choppy and overlapped decline since August 2022, which we labeled as a corrective drop (CLICK HERE) within uptrend because of a five-wave impulse from the lows back in June/July 2022. It’s actually a nice bullish setup formation that can now take the price higher after broken channel resistance lines of different degrees.

Ethereum Is Bouncing From Key Support 4h chart
ETHUSD 4H Chart

Technically speaking, we believe that Ethereum can now see higher prices up to 2k area or higher, especially if the price breaks above 1675 bullish confirmation level. We are actually tracking wave 3 of a new five-wave bullish cycle, so more upside is in view, we will just have to be aware of a temporary wave 4 corrective setback.

Check our previous Ethereum article HERE

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