The Elliott Wave charts of Ethereum (ETHUSD) have been a focal point for many traders and investors. It is important to carefully scrutinize these charts in order to make informed decisions when it comes to trading Ethereum.
As per the analysis of the ETHUSD Elliott Wave charts, it has been observed that Ethereum is showing incomplete sequences in the cycle from the March peak. This signals that more weakness can be expected in the short term. The target area for Ethereum is between 2700.3-2057.9, where buyers are anticipated to step in. Despite a recent 3 wave bounce, sellers were still prevalent.
The current recovery of Ethereum is labeled as ((iv)), which is correcting the cycle from the 3352.618 peak. This correction might be unfolding as an Elliott Wave Double Three pattern. The price has already reached an extreme zone from the lows, signaling that sellers may enter the market soon. While a short term recovery is possible, it is advisable not to enter long positions at this point, and instead focus on the short side.
After finding sellers as expected, Ethereum experienced a significant decline following the completion of wave ((iv)) recovery. The correction is believed to be concluded at the 3220 high. Short term bounces are expected to encounter sellers in 3,7,11 swings as long as the pivot at 3355.46 high remains intact. Traders are advised to wait for the extreme zone to be reached at 2700.3-2057.9 area before considering buying the dips once again.
The Elliott Wave charts of Ethereum offer valuable insights for traders and investors. By carefully analyzing these charts and understanding the wave patterns, one can make more informed decisions when it comes to trading Ethereum. It is crucial to remain vigilant and adaptable in order to navigate the volatile cryptocurrency market effectively.
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