Ethereum is eyeing $1500 support with A-B-C drop
Aug 28, 2023

ETHUSD

Ethereum is eyeing $1500 support with A-B-C drop, as we see corrective price action and wave structure by Elliott wave theory.

Ethereum with ticker ETHUSD made a nice bullish run this year from 1063; a move that can be counted in five waves so we will be expecting more gains after a pullback that is still underway after recent intraday drop below 1600. We see ETH now in a deeper downward complex correction, ideally a flat, meaning there can still be a recovery from the near-term support. 1500 area around the 61.8% Fibo. certainly looks very interesting for completion of a five-wave drop in (C) wave, so more short-term weakness is possible after subwave four pullback. A rise above 1800 will invalidate the current intraday bearish impulse, but on the other hand it will confirm the bullish turn.

Ethereum is eyeing $1500 support with A-B-C drop ETHUSD Daily Chart
ETHUSD Daily Chart

Become a premium member

Get daily Elliott Wave updates for SP500,DAX, GOLD, SILVER, CRUDE, FX, CRYPTO, etc. or apply for unlimited access to the Elliot Wave educational videos.

Register and look inside of our members area

Crude oil: Three waves down keep the bull trend alive. 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