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

Become a premium member

Get daily Elliott Wave updates for some major Digital currencies, FIAT currency markets, major stock indexes, gold, silver, crude etc. or apply for unlimited access to the Elliot Wave educational videos.

Register here for a trial

Elliott Wave Live: Dollar Back In Range Ahead Of FED. Check our blog here.

Do you find this interesting? Subscribe to our newsletter and stay up to date.

In our newsletter you will find all the news and macro reports about Forex, Crypto, Commodities and more. Don't miss a thing!

    DISCLAIMER

    Any reviews, news, analysis, prices or other information contained on our website is provided as general market commentary and delivered electronically through a distribution channel to larger number of clients, therefore does not constitute investment advice or investment research. We are not trading advisors. Most of our work is for educational purposes only, with information based on Elliott Wave theory in real time. Trading forex, futures, options, stocks, cryptocurrenices or any another trading market carries a high level of risk, and may not be suitable for all investors.

    The possibility exists that you could lose some or all of your initial investment; therefore you should not invest money that you cannot afford to lose. Our website and the information that we provide should not be relied upon as a substitute for extensive independent research before making your investment decisions. In no event will we be liable for any loss or damage on your account in connection with, the use of our products. For any real cash investments you have to contact your financial advisor.

    Any information or material contained on our website is owned by Val Global d.o.o.. Reproduction is prohibited without Val Global d.o.o. prior license in writing.

    By continuing to use the site, you agree to the use of cookies. Learn more.

    The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

    Close