Elliott waves crypto analysis – Wait for a rebound from the immediate trendline

ETH –

Ethereum

Wait for a rebound from the immediate trendline

Wave Analysis

Instead of continuing upwards above 559.37, Ethereum declined tremendously but is currently approaching a key supportive trendline. As long as the price remains above this trendline, we expect a possible momentum to the upperside, ideally, we’re waiting for a rebound from it, to pick a low risk buy position with the first target at 714.43 and the last at 824.52. On the hourly chart attached, a sell position can only be recommended in case the price breaks below the supportive trendline, if this is the case, then we’ll expect a rally to the lowerside.

Trade Recommendation.

Wait for a rebound from the immediate trendline to pick a long position.

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