Much has been said about the current situation in crypto in our bitcoin update a few hours ago. But since a lot of investors on here are more into Ethereum, I will gladly update everyone about our current count!
Just as in bitcoin, we estimate that the yellow wave (v) is finished and because of this the whole wave (i) seems completed. The only thing which surprised me here, is that Ethereum established a rather small wave (v). The price couldn’t even reach above the 2.00 extension, which is usually the most common target for such a wave (v). The rally seems to lose steam and I have reason to believe that we already entered the big wave (ii) correction. This means good news for most on here because Ethereum will enter our blue buy zone, which ranges from 1377$ down to 1144$. A movement of three corrective a-b-c waves should push the price down in the next weeks and another opportunity for long positions will emerge.
Just that you guys know, measured from the 0.5 retracement we have a potential on the upside of more than 900$, so stay tuned and don’t miss the next updates.
However, it’s still possible that we see another last spike which could push Ethereum up to 1740$, personally I don’t believe that this will happen.
I like to repeat myself here again, as I stated in our last update, we are going to accumulate further positions too in the highlighted blue buy zone. All positions will be announced here real time, so don’t forget to check in every other day!
Please notice that we are already invested in Ethereum since the 15th of June, back then we announced our first positions here on tradingview.
If you should have any questions whatsoever, you can write a comment or contact me directly!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGERM Target: +8’000$