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

Ethereum Price Analysis: Potential Bullish Scenario

In this update video, we will be discussing the current price movement of Ethereum (ETH) and analyzing the potential bullish scenario for the cryptocurrency. It is important to understand the pitfalls of such a movement and the key levels to watch for confirmation.

Tracking a Bullish Scenario

On the daily chart, we have been tracking a potential bullish scenario, assuming that the bear market low was made in June. This wave count has remained unchanged for a long time, and the support level to watch is at $1240. If the price falls below this level, it could indicate a new bear market low around the $620-$650 region.

At the moment, we are looking for the formation of five waves up, which could take us into the $1900 region. This would be followed by a three-wave pullback (ABC) or a one-two setup. If we wait for five waves up and three waves down, it could indicate a high B wave, with the C wave being the five-wave move within the B wave.

Confirming the Potential Low

As an analyst, I can only point out the potential that a low could be in already, but it cannot be confirmed until we have five waves up and three waves down. It is up to you to decide how to deal with this potential in your own portfolio. Personally, I have been buying on red days while keeping cash aside for further opportunities. Cash should be seen as a portfolio asset to take advantage of potential market opportunities.

Once we see the first five-wave move up and three-wave move down, it could be a good setup for a more aggressive long trade or leverage trade during the third wave rally. Until then, I will keep adding to my core position in the spot market.

Key Levels to Watch

The current price action is still within a range, and it is important to watch the breakout points. The end of August high at $1745 is a crucial level to break, along with the 78.6% retracement level at $1700. A move above these levels would make a break above the end of August high more likely.

Shorter Time Frame Analysis

On the shorter time frame, we are resetting Wave 2 and approaching the key $1700 level. It is important to consider whether this move is different from the previous one. If we only get a three-wave move up, it could easily break down again. The levels to watch for confirmation are $1700 and $1745.

Potential Trade Setups

The next reliable trade setups for Ethereum would be a move down if this is just a high B wave, potentially into the $1200 region. If it only forms three waves down (ABC), there is a fantastic long trade opportunity into the $3000-$4000 region. Anything in between is not very reliable at this stage, as we are still moving within a range.

Volatility Expected

It is important to note that there may be increased volatility due to core PCE data and inflation data. These factors can potentially impact the price of Ethereum. It is crucial to stay updated and monitor the market closely during these times.

Frequently Asked Questions

Q: What is the potential bullish scenario for Ethereum?

A: The potential bullish scenario for Ethereum involves the formation of five waves up, taking the price into the $1900 region. This would be followed by a three-wave pullback or a one-two setup.

Q: How can I confirm if the low has been made in Ethereum?

A: Confirmation of the low in Ethereum can be achieved by observing five waves up and three waves down. Until this pattern is formed, the potential low cannot be confirmed.

Q: What are the key levels to watch in Ethereum?

A: The key levels to watch in Ethereum are $1700 and $1745. A move above these levels would indicate a more bullish scenario.

Q: What are the potential trade setups for Ethereum?

A: The potential trade setups for Ethereum include a move down if this is just a high B wave, potentially into the $1200 region. If it only forms three waves down, there is a fantastic long trade opportunity into the $3000-$4000 region.

Q: What should I consider during times of increased volatility?

A: During times of increased volatility, it is important to stay updated and monitor the market closely. Core PCE data and inflation data can impact the price of Ethereum, so it is crucial to be prepared for potential market fluctuations.