ETHBTC is looking to break an important support and head further downside as part of a bearish correction. 16 February Ethereum price prediction below looks at ETHBTC intraday forecast.
16 February, AtoZForex – At the beginning of this month, ETHBTC completed an impulsive bullish move. Impulse wave are 5 non-overlapping waves in Elliott wave theory. This impulse wave pattern started just at the beginning of the second week of December 2017, lasted about 8 weeks. In this period, Ethereum was clearly the best performing Crypto coin rallying above $1300 in a bearish Crypto market. Just at the beginning of this month, ETHBTC started dropping after ETH also surrendered to the bearish market forces.
In the update before the last, we also noted that ETHBTC moves in a particular sequence or time-price pattern. Rallied in the first half of 2017, dropped in the second half and started rallying in the first half of 2018. Interestingly, the 2018 rally started with an impulse as shown in the last update with the chart below.
The chart above shows the 2018 first half bullish run could still continue after a 3-wave pullback. The next bullish target is around 0.15-0.16. This mean that Ethereum might recover faster or earlier than Bitcoin just like we saw in January.
Since the last update, price has completed -wave a- before going sideways. There is an attempt to break below -wave b- low which would mean that price would dig deeper before the rally continues. The chart below shows the new ETHBTC Elliott wave update.
16 February Ethereum price prediction – ETHBTC forecast
Price is still in a bearish corrective mood. I expect the bearish move to continue to 0.0622 or slightly above before the bullish trend continues. Ethereum is fast becoming the blockchain of choice. If this continues, ETHBTC will rise further. But until the current bearish correction is over, there many not be enough technical reasons to think upside now.
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