Thursday Update 19.01.2023 - ethereum
Our lead analyst Benjamin Mendenmein is currently on a well-deserved holiday.
I Vincent Mendenmein will therefore provide today's update on both bitcoin and ethereum.
ETH/USD has surged to the orange 1.618 Fibonacci extension and has been in a small correction since then. It's likely to say that wave (iii) is over and that we are, just like in bitcoin, in a wave (iv) correction. Again we have a green Fibonacci zone $1509-$1385 in which the price should end its wave (iv) correction. We have touched the green Fibonacci zone yesterday and left it already. However it is likely that we move deeper into the zone to end wave (iv) there. For our readers who haven’t seen the bitcoin update already, I want to repeat the following statements about a typical wave (iv) in crypto.
Wave (iv) characteristics (Crypto)
1. Price often moves inside a triangle or wedge
2. Price barely touches 0.236 retracement
3. Wave (iv) corrections can be very short-lived
After wave (iv) we should move back up to new heights at around +/- $1781, the exact price target can be calculated when we finished wave (iv).
Thank you for reading the update and see you next Tuesday!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGERM Target: +8’000$