Ethereum ETH (ETH-USD) Price Chart Analysis

ETHUSD Elliott Wave Technical Analysis June 15 2023

4Hour

Ethereum/U.S.dollar(ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 1073.42

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum is still in a downtrend. The correction in wave ((2)) corresponds to the price falling below the MA200 line indicating a downtrend. But even so, the decline may be nearing its end. As the price approaches the 50% or 61.8% Fibo level of wave((1)), which is the retracement level of wave((2)), wait for wave((2)) to complete to join the trend again.

Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, Wave Oscillator has a Bearish momentum

Daily

Ethereum/U.S.dollar(ETHUSD)
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Zigzag
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 1073.42

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum is still in a downtrend. The correction in wave ((2)) corresponds to the price falling below the MA200 line indicating a downtrend. But even so, the decline may be nearing its end. As the price approaches the 50% or 61.8% Fibo level of wave((1)), which is the retracement level of wave((2)), wait for wave((2)) to complete to join the trend again.

Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, Wave Oscillator has a Bearish momentum