Ethereum gained about $400 in about twelve days following a rally from $580. Will there be a total recovery in the coming days? 21-23 February Ethereum price prediction below looks at ETHUSD for the coming days.
21 February, AtoZForex – After weeks of bearish domination, the Crypto market got some relief as price recovered some of the loses seen this year. Ethereum rallied above $1400 during its green period at the beginning of the year. On 6th February, Ethereum bottomed at $580 just a bit below our bearish target of $600 before the rally. Price has since rallied close to $1000 as the Crypto market cap gained significantly. What should we expect next?
In the last update, we loved the way price bounced off just slightly below our target price. It makes a good feeling that technical analysis especially Elliott wave theory can be very useful to Crypto market speculation. The accuracy is amazing. In this article, we will analyse the rally from $580 and how price has behaved since that time. In the last update, the chart below was used.
Seems price has already bottomed, a new rally could be seen above $1000 as the market try to get over the corrective stages. The rally is expected to be impulsive to support this forecast. Any signs of a corrective pattern seen, price could dig deeper.
The emboldened part above is very important to determine more price advancement or decline. The chart below measures the rally with Elliott wave theory.
21-23 February Ethereum price prediction – ETHUSD Forecast
The chart above shows the end of the first rally, like wave 1 of a renewed bullish resumption. Wave 1 formed a diagonal pattern narrowed at the top. After the breakout of the lower line, a 3-wave correction is happening. Price is expected to drop back to $750-$800. It could go deeper but must be corrective. If the dip is corrective and stays above $650 with a bullish signal, we could see a new fast rally above $1000 and then to $2000. A deeper dip otherwise could send price crashing more, even below $580 low.
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