Technical Analysis

Ethereum Turned Perfectly As ExpectedNov 10, 2023

Ethereum Turned Perfectly As Expected from technical point of view and by Elliott wave theory.

Hello Crypto traders! In today’s article we want to show you how Elliott Wave can be useful if you have the right approach. We have been talking a lot about a corrective movement on Ethereum with ticker ETHUSD in the past weeks. On October 10 we shared an article, where we were tracking final stages of wave 5 of (C) of an (A)-(B)-(C) correction. CLICK HERE

Well, 12 days later on October 22 we have spotted a completed final wave 5 of (C) of an (A)-(B)-(C) correction and strong support, from where we expected a bullish turn.

Ethereum Turned Perfectly As Expected ETHUSD 4H Chart From October 22
ETHUSD 4H Chart From October 22

As you can see today, Ethereum 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. We actually still see room at least up to 2200 – 2300 area to complete a five-wave bullish cycle in the 4-hour chart, so more gains can be seen, just be aware of short-term pullbacks.

Ethereum Turned Perfectly As Expected ETHUSD 4H Chart From November 10
ETHUSD 4H Chart From November 10

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