Ethereum ETH (ETH-USD) Price Chart Analysis

ETHUSD Elliott Wave Technical Analysis July 23 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:  We are considering the termination of wave ((2)) from breaking the upper parallel channel.
Wave Cancel invalid level: 1620.15

Ethereum/U.S. dollar(ETHUSD)Trading Strategy: Considering the end of the blue wave (2) is confirmed by a breakout. top parallel channel or an increase above the level of 1905.41

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:  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: We continue to consider a decline in the blue wave (2). Retracement of wave ((2)) usually .50 or .618 x Length wave ((1)). Another rise in the blue wave (3) opens the possibility of joining the trend again.

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