Ethereum (ETH) will retrace more, but then pump!

٢٦ يونيو ٢٠٢٣

Hello, my dear friends!

We saw the boring and low volatile market this weekend, that's why I did not make the analysis update. Today the low volatility on the Bitcoin continues, that's why I decided to analyzy ETH price action to understand what is coming next.

Let's take a look at the ETHUSDT price chart. Here we have almost the same Elliott waves marking like on BTC. Bitcoin still has not finished it's corretive wave 4 and Ethereum is following it. Price has already finished the wave 3, we can see it on the Awesome Oscillator. The maximum value corresponds to wave 3 top. Now ETH is printing wave 4. It looks like this wave has the zigzag shape. Of course the "triple top" looks like the flat corretion, but I suppose it were lower degree waves 3 and 5 inside the wave 3.

Of course, the minimal requirement for the wave 4 end was met - the zero line crossover on the Awesome Oscillator, but it still has not reached the target area. I will remind you that target area for the wave 4 is 0.38-0.5 Fibonacci retracement. Therefore, I think wave C inside 4 has been started and will reach $1830 price level today or tomorrow. From this point I expect the reversal for the final wave 5. Potential target for this wave is still undefined because we need wave 4 finish first, but anyway we should always pay attention to the bearish divergence with AO to prepare yourself for the reversal.

Best regards, Ivan
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