Technical Analysis

Ethereum Found The Support At Projected 1500 Area; Bulls Back?Oct 30, 2023

Ethereum Found The Support At Projected 1500 Area from technical point of view and from Elliott wave perspective.

Hello Crypto traders! Crypto market is finally recovering and we have been talking a lot about a corrective movement and strong supports. On October 10th we shared an article about Ethereum with ticker ETHUSD, where we were tracking final wave 5 of (C) of an A-B-C corrective decline with the support at 1500 area. CLICK HERE

Ethereum Found The Support At Projected 1500 Area; Bulls Back? ETHUSD 4H Chart

As you can see today, ETHUSD is nicely bouncing from projected 1500 support with sharp and impulsive price action, which indicates that correction can be completed and bulls back in the game, especially if breaks back above channel resistance line. It’s ideally unfolding a new five-wave bullish cycle with room up to 1900 – 2000 area or higher, so watch out for more gains in upcoming weeks, just be aware of short-term pullbacks.

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