Ethereum ETH (ETH-USD) Price Chart Analysis

ETHUSD Elliott Wave Technical Analysis July 07 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: 1620.15

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.

Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are  bullish momentum

Daily

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: Wave ((2)) is likely to end at the level of 1620.15 A five-wave rise from this point will support this idea.
Wave Cancel invalid level: 1620.15

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of 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 are  bullish momentum