Ethereum is gaining its way back to $500 after last week fast dip close to $400. Will the bullish move continue? The following 16-17 July Ethereum price prediction looks at ETHUSD based on Elliott wave theory.
The Cryptos have started this week bullish. Today, so far, ETHUSD has gained about $35 and heading close to the $500 mark. Currently, Ethereum trades at $470. After completing a diagonal pattern pattern in the last days of last month, we expected ETH to rally up to $700. The rally that followed was shallower than expected as the $500 handle remained untouched. A fast fall soon followed and we expected the dip to continue to $300 if $400 handle is broken downside. The chart below was used in the last update.
Price is now close to the $400 low after being unable to break above $500 despite the diagonal breakout. The rally to $496 is corrective and shallow. A strong rally above $500 could still happen to continue the bullish correction. This is likely but price is more likely to break below $400 as the bearish trend continues. The long term move is bearish and its clear price would flow in that path in the coming days. The next bearish target stays at $300-350.
16-17 July Ethereum price prediction|: what next?
The chart below shows the rally might continue in the coming days as price makes a corrective or impulsive move upside depending on how price sees the diagonal – as leading or ending. A break above $500 should see price off to $550 and $630. A fast dip below (a possibility) $400 will turn price downside again. Stay tuned for the next update.
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