Ethereum remains sideways ranging between $312 and $275. A corrective triangle is expected to complete. It seems price will dip below $275 before the rally resumed. The long term forecast is to $600. The following analysis is based on 7 November Ethereum Elliott wave forecast.
07 November, AtoZForex – Ethereum is trapped in a range move at the intraday level. Price is about to complete a triangle pattern which should lead to more bearish short term move. We have talked more about the long term view in the last Ethereum Elliott wave analysis updates. From the long term view, price is about completing the last leg of a triangle. This calls for an imminent rally once price completed the E-leg. In the last update, we looked at how far the E-leg has gone and the levels to watch out for. Ethereum could yet see another strong bubble just like we saw in the first half of this year when price rose to $420 from less than $10. Before we look at the intraday emerging pattern, let’s review the last update. The chart below was used.
The chart above shows the E-leg with a projected support at $260. Price is dropping from $350 to $260. If price is supported at $260, a bullish breakout is very likely. The bullish sequence could be like this: from $260 to $310 to $350 to $400 and a break above $420 high to make a new high at $600-$700. This is very likely and we need to take a close look. Will this happen before the year ends?. Time will tell.
After this update, price remained sideways without enough attempt to dip further. Price is in the wave (x) of E. The chart below shows the emerging pattern in wave (x).
7 November Ethereum Elliott wave forecast
The chart above shows a lower time frame than we have been using. Wave (x) of E is exhibiting a triangle pattern. A break below $285 to $267 or slightly below could happen. Once price is held at wave E, a strong rally could then be expected t lead price above $310 and $345 as price heads to $600-$700.
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