Ethereum has gained nearly 70% in the last two weeks. What could happen next? The following 21-23 April Ethereum price prediction looks at ETHUSD forecast based on Elliott wave theory.
21 April, AtoZForex – The Crypto market has been bullish in the last two weeks. The major coins have gained significantly as price made the biggest bullish move since March. Ripple gained more than 100% in this period while BTC and ETH gained less. Ethereum has gained about 70% since this bullish move started two weeks ago. Looking at these rallies based on Elliott wave theory, there is a tendency of a big dip in the coming days which means price could lose some of these gains before resuming upside.
In the last update on ETHUSD, we looked at the possibilities of more rallies to $600 once $525 top was taken out. Price was developing into an impulse wave just as seen on XRP, BTC and LTC. The chart below was used.
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.
Price did exactly as expected – broke above $525 and then head to $625 days after. Currently, price has dropped to $590 after what could be the completion of an impulse wave. According to Elliott wave theory, a 3-wave correction should follow a 5-wave trend. The chart below shows the new update on ETHUSD.
21-23 April Ethereum price prediction: what next?
Just like in XRPUSD and BTCUSD, ETHUSD could also make a 3-wave bearish dip before resuming upside if this wave count is correct. The nearest significant support is $450. Price could head down to $450 before resuming upside, probably toward $1000. Stay tuned for the next update.
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