Technical Analysis

Ethereum Is Poised For More GainsJul 29, 2024

Ethereum with ticker ETHUSD is nicely waking up after recent higher degree A-B-C correction in wave (4) that can be bottoming at 2700-2850 area as price recovered sharply in the last two weeks that can be first wave 1 of a higher degree wave (5). Notice that there was also a broken channel resistance and five waves up from the lows up to 3565, followed by a sharp drop which can belong to wave 2 correction. So, more gains can be seen now after Trump’s speech at Bitcoin conference in Nashville. There were a lot of positive comments from Trump that can send the price at least up to 3800 area, but we believe it can be trading in wave 3, especially if ETH breaks above channel resistance line near 3800 level. At this stage, alternatively, just be aware of more complex wave 2 that can retest 3000 support level.

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Ethereum Is Poised For More Gains ETHUSD 4H Chart
ETHUSD 4H Chart

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