Ethereum broke above $500 first time this month. What’s the next bullish target? The following 18 July Ethereum price prediction looks at ETHUSD technical forecast based on Elliott wave theory.
In the last update, we discussed the need for ETHUSD to bridge and stay above the $500 handle to confirm the bullish move. Once $500 is broken upside, the next levels to watch out for are $550 and $630. The Cryptos are in a bullish mood this week and if this continues, we would soon see Ethereum at $550 and higher. Once price settles out of the spikes and we are able to recognize the wave pattern the bullish move displays, we would be able to analyze whether the rally is corrective or we are in a real market recovery. The chart below was used in the last update.
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.
18 July Ethereum price prediction: what next?
The rally from $400 to $500 looks corrective. There is no much evidence that a dip would follow especially when one considers that BTCUSD might break more resistance prices to hit higher. Preferably, there might be a minor correction – wave x- before the rally resumes above $500 to probably complete a double zigzag pattern. Alternatively and less likely, price might drop below the channel and break below $400 is the Zigzag pattern holds, Stay tuned for the next update.
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