Let’s finish the day with Ethereum…
Unfortunately, Ethereum couldn’t stay above the important 1.386 extension and as of now we are trading slightly below the red Fibonacci extension zone. A hard-fought battle between bulls and bears didn’t result in a final decision yet. But if bitcoin should activate its alternative Wave (1) – Wave (2) scenario then you can be sure that Ethereum will do the exact same! But let me be clear, as of now we are still bullish on Ethereum and expect that a wave (iii) should start sooner or later.
We highlighted the alternative scenario on the chart in white, the rally in Ethereum a few days ago would represent a wave (b). The result of this alternative would be a final correction below 1600$ and from there on we would establish another significant bottom. Currently the wave movements didn’t establish a triangle as bitcoin did, so we must focus on bitcoin’s action…
There isn’t anything to add to these clues right now, if we should discover further clues in the next days, we will of course update everyone about them.
Please note that we are already invested in Ethereum since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGTERM Target: +8’000$