22 December Ethereum price prediction: Elliott wave forecast


In just about a week, Ethereum dropped about 30% after a 115% strong rally. Will the dip continue? Where is the next price to buy? The following is our 22 December Ethereum price prediction based on Elliott wave theory.

22 December, AtoZForex – Ethereum is one of the best performing Crypto-coins this year. It peaked at $420 in the first half of the year after which a consolidation followed resulting in a triangle pattern. In the second half of this year, price gave another opportunity for new buyers, completed the triangle just around $275 and rallied to break above the $420 previous high. Price continued last week in a move of more than 110% gain in just a week.

After the breakout, we expected a bullish impulsive wave. At the end of the 4th wave I stated the high likelihood of price peaking above $630 before the next dip. This was as a result of a corrective wave 4 triangle of the impulsive rally. The chart below was used in the last update.

12 December Ethereum Elliott wave forecast Ethereum Elliott wave analysis, H2 (click to zoom)

The correction was a triangle pattern that completed just below $390. Price resumed quickly and broke above the $520 previous high. The wave analysis is adjusted a bit to make larger wave a (an impulse wave) still be in progression. The 5th wave of this impulse wave could end at $545 or $635 before the next drop.

The 5th wave extended above $800 from $390 where the 4th wave ended. After this move, price has been dropping. The chart below shows our new forecast.

22 December Ethereum price prediction: what next?

12 December Ethereum price prediction Ethereum Elliott wave analysis, H2 (click to zoom)

The 3-wave correction seemed to have followed from the last high above $850 just as expected. The next level to watch out for is between $390 and $500. The bullish pressure could resume at $390-$500 zone. Any strong dip below $390 may be considered a real burst and crash and thus leading price to $200 or below. We will see what price does at this zone if it gets there. Could mean a new opportunity for buyers. Stay tuned for the next update.

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.

Don’t forget to share this analysis with people that matter to you.

    Share Your Opinion, Write a Comment