Elliott waves crypto analysis – Waiting to buy Ethereum


Waiting to buy Ethereum

Wave Analysis

Yesterday, Ethereum traded relentlessly to the lower side but is currently approaching a key supportive trend line. As long as this trend line is not violated to the lower side, this should act as a perfect buy place, which means, we expect a decline towards it, then a rebound to pick a long term long position with an ultimate target at 834.00. Conservative traders however, should wait for a break above 716.37 even after a rebound from the lower trend line. This view can only be invalidated in case the price breaks below the immediate trend line, this being the case, we’ll expect a crash towards 565.60.

Trade Recommendations:

Buy Ethereum upon a rebound from the immediate supportive trendline

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