Ethereum is trading between $500-520 this week after the bullish move seen last week. Will price break out of this range soon? The following 18-19 April Ethereum price prediction looks at ETHUSD based on Elliott wave theory.
18 April, AtoZForex – According to CoinMarketCap, BTC has a 40% dominance on The Crypto market. It’s easy to know that other major coins will move in the direction of BTC. Ethereum and Ripple had between December 2017 and January 2018 moved independent of BTC but the situation has changed down the year. ETH, just like BTC, LTC and XRP rallied last week.
ETHUSD ended last week at $536 gaining about 30%. Price opened above $530 this week before dropping to $495 days after. ETHUSD which currently trades at $510 , has been sideway this week ranging between $522 and $498. There may be breakout soon, out of this range.
In the last update, we expected price to make a 3-wave bearish correction before resuming upside. That will only happen when the rally is over. The chart below was used in the last update.
I think price might still rally further after a little intraday bearish correction around $450. The next bullish target is at $590 and then $750. This could happen if the bullish momentum continues in the coming days. Buyers should be wary of a strong dip below $400 as this could lead to price dropping below $390 to $250.
In this update, we want to examine the rally and see to what extent is has advanced. Elliott wave theory uses two major patterns for trend analysis- Impulse wave and Diagonals. Impulse wave is more common while diagonals are often seen at the beginning or end of a trend. The chart below shows the wave count of the rally.
18-19 April Ethereum price prediction – what next?
The recent Elliott wave forecast on XRP and BTC suggest price could go upside before the next dip. This scenario may also play our on ETH. An impulse rally to continue to $600 once $525 is taken out. It’s also important to note the emergence of a head and shoulder reversal pattern. If price breaks below $497, it could continue to $450 level.
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