Ethereum is making moves back to $500 after last month bearish dip to $400. What should we expect next? The following 3-4 July Ethereum price prediction looks at ETHUSD technical forecast based on Elliott wave theory.
Ethereum has gained close to $80 this month so far. Last month, price went as deep as $400. Last month, price completed an important Elliott wave reversal pattern. In the last update, we used two scenarios to analyze this. The two scenarios pointed upside. Similar formation was seen in BTC, XRP and, LTC. The current rally was expected and is expected to go even higher in the coming days. If the bullish move is sustained throughout this month, we should see price at $750 or more. in the last update, the chart below was used.
The chart above shows a leading diagonal pattern projected to end around $400. Price might take one more move downside to $400, pierce it a bit or not even reach it before a strong rally. The big move is expected to break above $550 up to $700. If corrective, we would be expecting price to resume downside to make new lows.
Price did as expected. It dipped a bit further to $400 and rallied swiftly- now close to $500. The other scenario in the last update had a triple zigzag pattern completed. If that would count, we might have seen the end of the large bearish correction. With the scenario above, a corrective bullish move would be expected to $700. If price is impulsive instead, the other scenario would count which means price would go even higher. The chart below shows the new update.
3-4 July Ethereum price prediction: what next?
Price looks much likely to break above $550, $630 up to $700 in a corrective move. If the move is corrective, a fast drop could follow and the next move would be much worse as price could head to $200. If we have an impulse wave, a rally above $700 is much likely, followed by a dip and another rally above $1000 to lead a total recovery. If price fails to break above the wave ii-iv line, a dip below $400 might follow immediately without a breakout to $700. We will see how all these play out in the coming days. Stay tuned.
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