2 November Ethereum Elliott wave forecast targeting $700


Do you think there could be a new bubble in Ethereum?. A 100% rally before the year ends?. From a technical point of view, this is very likely. The following analysis is based on 2 November Ethereum Elliott wave forecast.

02 November, AtoZForex - Bitcoin and Ethereum both make huge bullish waves this year. The former rallied more than 800% and the latter more than 2500%. While Bitcoin has maintained the upward trajectory so far in the year, Ethereum dropped from $420 to below $300 - from more than 7400% to 2500% since the year began. These are no small profits. 2017 will go down as one of the years for the Crypto-bubbles.

The second half of the year has seen Ethereum range between $420 high and $130 low as shown in the last update. The range move is completing a triangle pattern. When price breaks out of a triangle pattern, it often moves swiftly. Can it happen this time around?. Will price break upside after the completion of the triangle?. The chart below was used in the last Ethereum Elliott wave forecast.

november 2017 etherum elliott wave forecast Etherum Elliott wave analysis, Daily (click to zoom)

Since price peaked, it’s been confined within $420 and $130 range. The range is forming a contrasting triangle pattern. Contrasting triangle patterns are made of five 3-subwaves in the manner as shown in the chart above. Price may complete the last two legs within this range and rallied to $600. This range move could continue throughout this year and parts of next year before the breakout. We expect a breakout upside. This is a high likely forecast but due to the sudden volatility of the Crypto-market, anything outside this forecast can still happen.

While the above forecast is valid, a closer look shows that the triangle may be closer to completion than expected in the last update. The chart below shows that the D-leg has already complete and the triangle now has a more contrasting terminating mouth.

2 November Ethereum Elliott wave forecast targeting $700

2 November Ethereum Elliott wave forecast Ethereum Elliott wave analysis, H4 (click to zoom)

The chart above shows the E-leg with a projected support at $260. Price is dropping from $350 to $260. If price is supported at $260, a bullish breakout is very likely. The bullish sequence could be like this: from $260 to $310 to $350 to $400 and a break above $420 high to make a new high at $600-$700. This is very likely and we need to take a close look. Will this happen before the year ends?. Time will tell. We will update you however it goes. Stay tuned.

Do you have other views in contrast to the ones listed or you want to compliment them further? let’s know by your comment below.

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