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09Dec

ETHUSD Elliott Wave Technical Analysis 09 December 2022

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ETHUSD Elliott Wave Technical Analysis 09 December 2022

4 Hour

Ethereum / U.S.Dollar (ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave (3)
Direction Next higher Degrees:
Details:  Rise an uptrend in wave 3, Wave 3 is usually 1.618 or 2.618 x the length of wave 1
Wave Cancel invalid Level: 1071.11

Ethereum / U.S.Dollar (ETHUSD) Trading Strategy: Ethereum has recovered well, as the price managed to return above the MA200, and MA50 lines and the Wave oscillator signals a hidden Bullish divergence, so the price is likely to rise again with a target price of 1536.05.

Ethereum / U.S. dollar (ETHUSD)Technical Indicators: The price is above the MA200 MA50, indicating an uptrend. Wave oscillator signals a hidden Bullish divergence is likely to reverse again


Daily

Ethereum / U.S.Dollar (ETHUSD)
ETHUSD Elliott Wave Technical Analysis
Function: Follow trend
Mode: Motive
Structure: Impulse
Position: Wave ((1))
Direction Next higher Degrees: Wave 1 of Wave III
Details:  The rise of wave 1, upon completion, the price will reverse in wave 2, but must not reverse below 1071.1
Wave Cancel invalid Level: 1071.11

Ethereum / U.S.Dollar (ETHUSD) Trading Strategy: Ethereum price remains under heavy sell pressure below the MA200 MA50, indicating a strong downtrend. The wave oscillators with a Bullish divergence signal Ethereum are likely to reverse again. And we expect the price to trade above 1677 overall. We still need to trade cautiously as there is still some selling pressure.

Ethereum / U.S. dollar (ETHUSD) Technical Indicators: The price is below the MA200 MA50, indicating a clear downtrend. The wave oscillators with a Bullish divergence signal Ethereum are likely to reverse again

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