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

Ethereum Price Analysis: Expectations of Downside Pressure

In this update video, we take a closer look at the current state of Ethereum and analyze the price movement. Despite the lack of significant changes in expectations, there seems to be a slight downward pressure on the cryptocurrency. The perspective remains that we are currently in a Wave 2 correction to the downside, unfolding as an ABC structure.

Key Resistance Level: 1930

To determine whether the price has bottomed out, it is crucial to monitor the B wave, which is at 1930. This swing high was recorded on July 20th. As long as Ethereum remains below this level, it is likely that we will see lower prices. Breaking above 1930 would potentially change the perspective, but until a complete downside structure is formed, it is safer to assume that prices will continue to decline.

Expectations of Lower Prices

Despite the current correction being drawn out and seemingly boring, it is important to recognize that it is still an incomplete downside structure. Any upward movement is considered corrective, and the correction is expected to continue until a more comprehensive downside structure is formed.

Subway Analysis and Price Targets

Analyzing the subways, it appears that the C wave of Wave 3, followed by Wave 4 and Wave 5, still need to be completed. Ideally, the price range between 1780 and 1828 would complete this structure, falling between the 50th and 61.8th levels. The target for the C wave of Wave 3 is around 1830, and for the fifth wave, it is close to 1780.

Accuracy of Price Targets

To provide a more accurate price target for the fifth wave, it is necessary to have the third and fourth waves complete. Until then, the downside structure remains intact, and the expectation of lower prices remains unchanged. As long as the resistance level of 1930 is not broken to the upside, the downside pressure should persist.

Possible Change in Microstructure

A potential change in the microstructure could be the unfolding of the B wave as a triangle. The sideways action and lack of significant movement suggest that the B wave might still be running or has just finished. However, the overall downside structure remains the same, regardless of whether the B wave is still unfolding or not.

Conclusion

In conclusion, the current analysis of Ethereum suggests that there is still a downward pressure on the cryptocurrency. The expectation of lower prices remains unchanged, and the resistance level of 1930 is crucial in determining any potential changes in perspective. While the microstructure may suggest a possible triangle formation, the overall downside structure remains intact.

Frequently Asked Questions

Q: What is the current state of Ethereum’s price?

A: The current state of Ethereum’s price indicates a slight downward pressure, with expectations of lower prices.

Q: What is the significance of the resistance level at 1930?

A: The resistance level at 1930 is crucial in determining any potential changes in perspective. Breaking above this level could indicate a shift in the price movement.

Q: What is the expected price range for completing the downside structure?

A: The expected price range for completing the downside structure is between 1780 and 1828, falling between the 50th and 61.8th levels.

Q: How accurate are the price targets?

A: The accuracy of the price targets depends on the completion of the third and fourth waves. Until then, the downside structure remains intact, and more precise price targets cannot be provided.

Q: Is there a possibility of a change in the microstructure?

A: Yes, there is a possibility that the B wave is unfolding as a triangle. However, the overall downside structure remains the same, regardless of the microstructure.