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

Understanding the Current State of Ethereum Price

Ethereum, the second-largest cryptocurrency by market capitalization, has been experiencing some interesting price movements recently. In this article, we will delve into the current state of Ethereum’s price and analyze its potential future trajectory.

The Script: Foreign Was Doing Basically What We Want

The script for Ethereum’s price action seems to be following our desired path. It has entered the yellow support area and has already made a significant recovery. However, it is important to note that the price is currently retesting the 38.2% retracement level from below.

In a previous video, it was highlighted that a drop in price was preferred at the moment. The only scenario that would change this view is if the price breaks and sustains above 1918. This would indicate that an alternative trend is playing out, potentially leading to a higher B wave. However, this alternative wave count seems unlikely given the recent price drop.

Bitcoin, on the other hand, has not followed through with a significant drop yet. Ethereum, however, has dropped quite significantly and is following a downward path. An alternative sub wave count was shared with channel members, which is still valid. However, the overnight recovery suggests that the drop may not be impulsive but rather an ending diagonal.

The Importance of Micro Count and Wave Interpretation

When analyzing the micro count and wave interpretation, it is crucial to consider the impulsive nature of the price movements. In this case, the third wave is counted as an ABC, indicating that it is not clearly impulsive. This leaves room for interpretation in terms of the micro count. For example, it could also be a wxy structure, where the current movement is an ABC.

It is important to highlight that the wave count may change, and adjustments to the micro count may be necessary. Despite the lack of visibility in the sub waves, the overall count and expectations are being followed through. The patience in waiting for five waves up and a drop into the yellow support zone has paid off.

The Current Wave Count and Expectations

Based on the current analysis, it is believed that Ethereum has already experienced a wave one to the downside, which bottomed on July 20th. This was followed by an ABC structure in a wave two, with the current movement being an a wave. The price is expected to move up in a b wave, leading to a substantial recovery.

The next anticipated move is a c wave, which should result in another low. Ideally, this low will be in a diagonal pattern, ranging from approximately 1808 to 1826. Following this, a fourth wave is expected to form, resulting in a lower high. Finally, a fifth wave is anticipated to end around the golden ratio of 1780, potentially touching the upward-moving trend line.

It is important to note that this wave count remains valid as long as the price stays below the swing high of 1905. If the price surpasses this level, it may indicate that the overall low of Wave 2 has already occurred. However, this is not the primary expectation at the moment, as a further drop is still anticipated, especially considering Bitcoin’s support area has not been reached.

Frequently Asked Questions (FAQs)

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

A: Ethereum’s price is currently retesting the 38.2% retracement level from below and has entered the yellow support area. It has already made a significant recovery but is still expected to experience further drops.

Q: What would change the current view on Ethereum’s price?

A: If the price breaks and sustains above 1918, it would signal an alternative trend and potentially lead to a higher B wave. However, this scenario seems unlikely given the recent price drop.

Q: How does Ethereum’s price movement compare to Bitcoin’s?

A: While Ethereum has experienced a significant drop, Bitcoin has not followed through with a significant drop yet. Ethereum’s price movements are currently following a downward path, while Bitcoin’s support area has not been reached.

Q: What is the expected wave count and trajectory for Ethereum’s price?

A: The current wave count suggests that Ethereum has already experienced a wave one to the downside, followed by an ABC structure in a wave two. The price is expected to move up in a b wave, followed by a c wave resulting in another low. The anticipated trajectory is for a lower high in a fourth wave and a final low in a fifth wave, ideally ending around the golden ratio of 1780.

Q: How reliable is the current wave count and analysis?

A: The current wave count and analysis are based on the available information and patterns observed in Ethereum’s price movements. However, it is important to note that wave counts can change, and adjustments to the micro count may be necessary. It is always recommended to stay updated with the latest price movements and analysis.