Ethereum is recovering and coming out of the previous triangle, as discussed before, but this move is now much more powerful than initially expected. We can see a pretty sharp move over the last few days, with Ethereum up more than 30% and breaking well beyond the 2200 level, which looks like an impulse. After the recent projected subwave “iv” pullback, we saw a nice jump into the projected subwave “v” of 5, or alternatively wave 3. However, it looks like a spike up only, so we should now watch for a new higher-degree wave 4 correction that can retest the 2400 – 2200 support zone before a continuation higher into wave 5. Alternatively, wave 5 can also be in place in case of a stronger and impulsive decline.
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