Ethereum has gained 7% in the last 24 hours and looks to close today’s activities green. The following looks February 2018 Ethereum price technical prediction using Elliott wave theory.
27 January, AtoZForex – Ethereum has been on a bullish recovery since yesterday gaining 15% in the process. Today, it’s increased by 7%. This bullish move could continue till the end of January. There could still be a rally to $1300 in the last days. What will happen afterward?. Will the bullish move leads to a new high or price would return downside?
The Crypto market has been bearish since December 2017. Ethereum has been one of the best performers this year maintaining its bullish move in a bearish market. In the first two weeks of this year, it broke to a new all time high. The bearish nature of the market would soon eat much of the profits in the following week. Price is presently at $1120 and looks likely to get to $1250-$1300 as predicted in the last update.
In the last update, the chart below was used.
A 3-wave rally to $1300 is very possible if the 3rd leg (wave c) breaks above $1170 top. A dip could still happen afterward. If $1170 holds and price resumes downside, the last update will still stand and price could complete a wave (c) impulse wave at $500.
ETHUSD is presently close to $1170. In the last days of this month, a break above $1170 could still happen en route to $1300.
February 2018 Ethereum price technical prediction
What should be expected in February 2018? Do we still hold the last forecast. Has price violated our initial expectation? The chart below shows that price is moving just as expected.
Price is still in a corrective state – wave 2. It’s heading up to probably complete wave c of (b) of 2. February is looking bearish if price follows this path. A rally to $1300 could be followed by a bearish move to $600 as the Crypto market remains in the red zone. Unless price breaks above $1500, the bears could still dominate for at least the first half of February.
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