Most has been said in our bitcoin update and therefore we only focus on the technical situation in this article.
Our bearish alternative which we highlighted in previous updates got activated in the last days and therefore we set the wave (i) top at 1741$. We moved in multiple a-b-c waves since this top and the selling pressure pushed Ethereum straight into our blue trading zone. As you can see, the price already showed massive bullish momentum and I want to highlight here, that our blue trading zones are of great importance.
Right now we estimate that Ethereum will take longer to finish it’s wave (ii) correction and because of this we would have to form a wave (b) and wave (c) in the next weeks. But we already marked our very important alt.(ii) on the chart, which would mean that the price already bottomed and we would start the greater wave (iii) in the next days.
These two scenarios are both very likely and we will have to watch the market closely in the next days if any clue should emerge on the chart.
Please note that we are already invested in Ethereum since the 15th of June, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGERM Target: +8’000$