The Crypto market has been positive so far this month with the majors making some rallies. The following 16 April Ethereum price prediction looks at ETHBTC forecast based on Elliott wave theory.
16 April, AtoZMarkets – Since the beginning of this month, Ethereum and Bitcoin have both made some bullish recovery. Ethereum has performed better as can be gauged with ETHBTC. Since the beginning of the month, BTC rallied from $6500 to $8400 thereby gaining 28% while ETH rallied from $360 to $530 gaining 48% in the same period. Though most Crypto moves are determined by BTC direction but the % change varies. In the same period, ETHBTC gained 20%. Can we do the Math? 20% + 28% = 48%.
This was quite expected as predicted in the last update on ETHBTC. When there is a technical price signal on these cross pairs involving BTC, it means a move is very close for both coins. For example, if the signal we noted on ETHBTC pointed downside, we could deduce that BTC could fall but ETH could fall more within a particular period. If the signal points upside, it means both could rise but ETH might gain more.
In the last update, I had an expectation that ETHBTC would continue downside to 0.05 before the next rally. The chart below was used.
The chart above shows the correction is very much likely to continue downside to 0.0058-0.0038 bearish zone. If we can chose an exact price, we would go with 0.05. In the coming week, the bearish run is expected to continue. Once this is over, a new bullish move should start.
According to Elliott wave theory, a 3-wave correction (bearish in this case) follows a 5-wave motive wave. At the end of the correction, price has a big chance to continue in the direction of the trend. The chart below shows what happened afterward.
16 April Ethereum price prediction – what next?
Price rallied from 0.054 (just at the reversal zone expected) to gain about 20% in the last two weeks. It’s not very certain that price would break above 0.07 due to the Crypto bearish trend, but technically there is a chance, and that could mean well for ETH and BTC, especially ETH. Stay tuned for the next update.
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