Ethereum ETH Price News Today – Technical Analysis Update, Price Now! Elliott Wave Price Prediction!

Hello and Welcome to Another Exciting Week in Crypto

The past week has been one of the busiest and most exciting in the world of cryptocurrency. Since June and July, we haven’t seen this level of activity and interest in the market. It’s a positive sign that more and more money is flowing into the crypto market, and we may soon see a breakout in the total market cap. This is a promising development, especially considering the recent dull weekends we’ve experienced.

A Changing Market Dynamic

The fact that we’re starting to see some green in the market is a clear indication that the dynamics are changing. Unlike previous altcoin rallies that didn’t materialize, we’re now witnessing altcoins moving and gaining momentum. However, it’s important to note that we’re still in the early stages, and the market remains fragile. Most coins have not completed a five-wave move to the upside, and there is still work to be done to confirm that the market has bottomed.

Assuming the Lows are In

In our analysis, we generally assume that the lows are in or at least substantial enough to treat them as such. This allows us to focus on higher prices and adjust our strategies accordingly. It’s similar to the approach taken in the gold market, where a bullish outlook is preferred over a bearish one. It’s better to be wrong and reset lower than to miss out on potential gains. The crypto market moves quickly, and it’s crucial to adjust our positions as soon as possible when the signals indicate a change in trend.

Ethereum’s Current Status

Looking specifically at Ethereum, we can see that the multi-hour trend is up, although it has yet to make a new high. The daily timeframe still shows a descending price channel, indicating that the overall trend is still down. However, a break above the upper boundary line of around $1,900 would have bullish implications and could push the price to $2,150 or even higher.

Shorter Time Frame Analysis

On the shorter time frame, we are currently in wave four of three within the larger Wave 1. This suggests that there is still more work to be done before we can confirm the completion of Wave 1. Support remains critical at $1,750, and a break above $1,811 would be a positive sign. However, to truly establish a low, we need to see a break above the wave three high at $1,866. Once this level is surpassed, the price could potentially reach $1,900 and beyond.

Conclusion

In conclusion, the past week has brought renewed excitement and interest to the crypto market. While there is still work to be done to confirm a bottom, the changing dynamics and positive price movements are encouraging signs. Ethereum, in particular, has shown promise, but it’s important to remain cautious and monitor the market closely. As always, it’s crucial to adjust our strategies based on the signals and trends we observe.

Frequently Asked Questions

1. What was the significance of the past week in the crypto market?

The past week was one of the busiest and most exciting in the crypto market since June and July. It brought renewed interest and activity, indicating a positive shift in market dynamics.

2. Is the total market cap expected to break out soon?

While there are positive indications, the total market cap has not yet broken out. However, with more money flowing into the crypto market, a breakout may be on the horizon.

3. What is the current status of Ethereum?

Ethereum is showing positive signs, with the multi-hour trend pointing upwards. However, it has yet to make a new high and is still within a descending price channel on the daily timeframe.

4. What are the key support and resistance levels for Ethereum?

The critical support level for Ethereum is at $1,750, while a break above $1,811 would be a positive sign. The upper boundary line of the descending price channel, around $1,900, is a key resistance level to watch.

5. What should investors be cautious about in the current market?

While there are positive developments, it’s important to remain cautious and monitor the market closely. The market is still fragile, and there is more work to be done to confirm a bottom. Adjusting strategies based on observed signals and trends is crucial in this dynamic market.