26-28 February Ethereum price prediction - ETHUSD technical outlook

Ethereum is holding above $750 and below $1000 since the last effort to break above $1000 failed. It seems the break out of these two levels would be important to determine the next direction. 26-28 February Ethereum price prediction below looks at the technical forecast of ETHUSD based on Elliott wave theory.

26 February, AtoZForex - This month has been a good one for the Crypto market. Prices recovered significantly after a fast drop in the two previous months. Ethereum that was trading around $600 rallied this month to $980. Last week on the other hand, has seen prices dropped. Ethereum dropped from about $980 to $780. Before the drop, we had already expected that after such a move, price should correct downside. Ethereum dip was expected to be limited around $750 and its neighborhood  before another round of bullish move. The next rally could see price breaking above $1000 for the first time in many weeks.

In the last update, we expected an intraday double zigzag to complete before price rallied. The chart below was used.

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21-23 February Ethereum price prediction ETHUSD Elliott wave analysis, M30 (click to zoom)

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.

After the last update, it was no surprise that price dipped to $779 and rallied as expected. The chart below shows what we have now and expect to happen next.

26-28 February Ethereum price prediction - ETHUSD forecast

26-28 February Ethereum price prediction ETHUSD Elliott wave analysis, M30

The wave analysis is playing out fine. A break above $890 as shown above could mean the continuation of the bullish move. Next bullish target is set above $1100. If price, on the other hand, is resisted below $890 and breaks below $779, further drop is expected to at least $650. Stay tuned for the next update.

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