Ethereum Elliott Wave Analysis – Eyes Higher

Talking about Crypto market generally, ZILUSD is one of examples of what to expect in the Crypto market. As you can see, ZILUSD can be still bearish, mainly because of a potential leading diagonal in wave (A) from the all-time highs. Current bulls can be just temporary, as part of an A-B-C corrective recovery in higher degree wave (B), where wave C is still missing and can be underway towards 0.15 resistance level before bears within higher degree wave (C) show up again.

ZILUSD 4h Elliott Wave Analysis

ETHUSD intraday still looks corrective within wave 4, so we may see another jump for the 5th wave, just be aware of deeper wave 4 correction that can retest lower 3350 – 3250 support area before a continuation higher. Invalidation level remains at 3000.

ETHUSD 1h Elliott Wave Analysis

ETHUSD came down in the 4-hour chart as expected back in September, and then bottomed at key support 2700 area where the market completed a three-wave decline. Notice that the price is recovering very nicely out of a corrective channel and now also out of a base channel line which normally confirms wave 3 of a bullish impulsive five-wave cycle. So, after recent pullback, probably in wave 4, seems like we will see more gains within wave 5 of (3) towards 4k area. As long as the price is above 3000 level, the trend is bullish.

ETHUSD 4h Elliott Wave Analysis

For a look at all of today’s economic events, check out our economic calendar.