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

Hello and welcome to another update on Ethereum (ETH)!

In this article, we will take a comprehensive look at the daily ETH chart and analyze its current price movement. We will also discuss the potential scenarios for ETH’s future price action and identify key support and resistance levels. Let’s dive in!

Daily ETH Chart Analysis

Looking at the daily chart, we can see that ETH has been consolidating sideways, with no significant movements over the weekend. Currently, ETH is trading around $1,212, and while this level may change slightly, it is important to note that ETH is still within a descending price channel.

The next target for the bulls is to break out above $1,900, which is the resistance level within the descending channel. However, at the moment, there are no clear signs of a breakout. If ETH manages to break above $1,900, we could see a quick rally towards $2,150. Along the way, there may be some resistance around the July high of around $2,200.

It is worth mentioning that ETH is still lagging behind Bitcoin and has not seen significant price movements since August. Therefore, there is no need to panic or feel like you’ve missed the boat. It is reasonable to focus on higher price levels until the support levels break.

While the current price action suggests a bullish scenario, it is important to consider bearish possibilities as well. This could potentially be a high B wave, and there are different options for the wave count. However, until the relevant support levels break, it is not the preferred scenario.

Shorter Time Frame Analysis

Now let’s shift our focus to the shorter time frame. The relevant support level for ETH is around $660. If ETH fails to hold above this level, it could indicate a failed rally. Currently, ETH is consolidating above the previous breakout line at $1,750, but it has not been able to move away from it significantly. The trend line that was previously respected has been broken, indicating a potential shift in price dynamics.

The current structure of ETH suggests a potential wave count of a wxy correction. However, it is important to note that these corrections can take various shapes and forms. A preferred scenario would be to see one more high in wave three, specifically wave five of three. If ETH fails to break out to the upside today, it could indicate that we are already in a larger degree fourth wave, which would mean we would only see one more high in wave one.

It is important to remember that wave counts can change, especially in complex corrections. For example, the Y wave could still be unfolding, and it may consist of an ABC structure. This means that we may have already seen the A wave and could be forming a B wave, potentially even a triangle, before a sell-off in a C wave.

While it is crucial to consider the wave count, it is even more important to focus on the relevant support levels. These levels include $1,755, $1,723, and most importantly, $1,660. A break below $1,660 would indicate a failed rally and potentially change the overall outlook for ETH.

Conclusion

In conclusion, ETH is currently consolidating within a descending price channel and has not seen significant price movements since August. While there are potential bullish scenarios, it is important to consider bearish possibilities as well. The key support levels to watch are $660, $1,755, $1,723, and $1,660. By monitoring these levels and staying informed about the price action, traders can make informed decisions.

Frequently Asked Questions (FAQs)

1. What is the current price of Ethereum (ETH)?

As of the time of writing, Ethereum (ETH) is trading around $1,212.

2. What are the key support levels for ETH?

The key support levels for ETH are $660, $1,755, $1,723, and $1,660.

3. Is ETH lagging behind Bitcoin?

Yes, ETH is still lagging behind Bitcoin and has not seen significant price movements since August.

4. What are the potential scenarios for ETH’s price action?

The potential scenarios for ETH’s price action include a breakout above $1,900, leading to a rally towards $2,150, or a potential bearish scenario where ETH fails to break out and enters a larger degree fourth wave.

5. Should I be concerned about the current price consolidation?

No, there is no need to panic or feel like you’ve missed the boat. It is reasonable to focus on higher price levels until the relevant support levels break.

Thank you for reading our comprehensive update on Ethereum (ETH). If you found this article helpful, please consider liking, commenting, and subscribing to our channel for more updates. Bye-bye!