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

Ethereum Price Analysis: Ascending Trend Line Holding Strong

Ethereum, the second-largest cryptocurrency by market capitalization, is currently experiencing an ascending trend line, indicating a positive movement in the market. The trend line has not been broken yet, suggesting that the local uptrend is still intact. In fact, Ethereum has even broken out to the upside, fulfilling an inverse Head and Shoulders pattern.

This pattern, although not always reliable, is quite evident on the chart. By measuring the height of the head and adding it to the breakout point, it is estimated that Ethereum could reach around $1900. If the upward momentum continues, it is highly likely that Ethereum is in its third wave, following the orange count. The first wave was an upside move, but in a corrective structure. Therefore, the current wave would have to be a diagonal pattern, with sub waves being corrective or ABC or wxy structures.

The relevant bullish support has been updated based on the latest high, indicating that as long as $1663 is holding, the focus can be on higher prices. However, there is also a more micro support level, which serves as the invalidation point for the current structure. If the price breaks below $1715, it would suggest that we have only had a corrective top. On the other hand, if the price can hold $1715, it has the potential to push higher in the third wave. It is important to note that the third wave will also be a three-wave move, similar to the first wave.

Despite a shallow pullback, Ethereum has managed to hold the trend line and is now poised for further upward movement. The target for the third wave can be determined by taking the length of the first wave and going to the low of the second wave. Typically, the 1.618 extension is considered the target for the third wave, which in this case would be around $1930. However, since this is a diagonal pattern, the third wave does not necessarily need to reach the 1.618 extension. Possible targets to watch for include $1841, $1874, and $1927, as long as the price holds the $1715 level.

Considering the recent breakout, it is likely that the orange count is in control, and the author leans towards this count. However, if the price breaks below $1663, the yellow count could still come into play, leading to another low. Nevertheless, it is important to see all five waves up and three waves down to confirm the overall correction.

Ethereum’s Journey in the Trend Reversal Area

Ethereum has spent a considerable amount of time in the trend reversal area, eventually reversing at the golden ratio level. The author previously mentioned that if Ethereum turns around, it could be a quick reversal. Additionally, Ethereum was heavily oversold on the daily timeframe, as indicated by the RSI. This oversold reading, coupled with the price being above the March 10th low, was a bullish sign.

Currently, Ethereum is pushing higher, and it remains to be seen if the low was indeed in. The key is for the price to hold the indicated levels and complete five waves. This will be the next objective for the bulls, and if achieved, it could lead to an exciting week ahead. Structural resistance levels to watch for include $1850, the B wave top at $1900, and the larger B wave top at around $1930. Beyond that, Ethereum could potentially climb higher, with targets at $1964, $2020, and beyond.

It is important to note that if this breakout is confirmed, Ethereum could be in its third wave, which has the potential to take it to $3000 and beyond. However, Ethereum still has a lot of work to do, and Bitcoin appears to be stronger at the moment. Breaking through various resistance levels will be crucial for Ethereum’s continued upward movement.

Frequently Asked Questions (FAQs)

1. What is the current trend of Ethereum?

The current trend of Ethereum is ascending, with the price moving up along an ascending trend line. The trend line has not been broken yet, indicating that the local uptrend is still intact.

2. What is the significance of the inverse Head and Shoulders pattern?

The inverse Head and Shoulders pattern is a bullish reversal pattern that suggests a potential upward movement in the price. In the case of Ethereum, this pattern has been fulfilled, indicating a possible target of around $1900.

3. What is the potential target for the third wave of Ethereum?

The potential target for the third wave of Ethereum can be determined by taking the length of the first wave and going to the low of the second wave. Typically, the 1.618 extension is considered the target, which in this case would be around $1930. However, due to the diagonal pattern, other possible targets to watch for include $1841, $1874, and $1927.

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

The key support level for Ethereum is $1715. As long as the price holds above this level, the focus can be on higher prices. On the other hand, the key resistance levels to watch for include $1850, $1900, and around $1930.

5. What is the overall outlook for Ethereum?

The overall outlook for Ethereum is positive, with the author leaning towards the orange count, indicating further upward movement. However, it is important to see all five waves up and three waves down to confirm the overall correction. Ethereum still has work to do, but if the breakout is confirmed, it could potentially reach $3000 and beyond.