As always, much has already been said in our bitcoin update, but the movements in ethereum are worth mentioning too!
In both bitcoin and total a “Leading Diagonal” emerged on the chart and surprisingly ethereum isn’t an exception when it comes to this. As marked on the chart, this pattern emerged in the last days and as of now we estimate that we already entered wave 5. The oftentimes difficult movements of the past months can be explained by this pattern, and I am glad that we spotted this further clue, it makes a lot of sense!
Ethereum should push higher in the next weeks and the orange trading zone (Coordinates: 2408$ - 2659$) should be reached. From there on our projected Macro Wave (2) should unfold which will dominate the market in a bearish manner for several months, but of course this will take some time until we get there.
Many investors are waiting for an alt-season, and we estimate that this event will certainly unfold in the next months. It would be very pleasing to see if Ethereum could manage to gain from this too, after all we are still lacking behind in price action and the bitcoin dominance is close to reaching another high.
Please note that we are already invested in Ethereum since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGTERM Target: +8’000$