Tuesday Update 28.02.2023 - Ethereum
Welcome back to our Tuesday update
In ethereum the scenario is quite the same as the one we are facing in bitcoin, except that we retraced more since hitting the 0.618 retracement
Both in bitcoin and ethereum we expect that wave (v) is going to push a lot higher than expected. We are coming to this conclusion because if we look at the 8H chart, the final wave (v) is just too short in comparison to the other wave movements.
Additionally, we observed that in the last cycles such expanded wave (v) were very common, and it's highly likely that history is going to repeat itself. Most of you veteran traders know that history repeats itself in crypto very often, especially the bullmarket cycles are very interesting.
So let's jump right into the chart, ethereum showed weakness since it reached its last high at 1741$ and until last week we believed that wave (v) could be already over.
We marked the (a) and (b) movement on the chart, since then ethereum established a clean downwards impulse. Most of you should know by now that a wave (c) retraces in a 5 wave impulse, regardless if it's a bullish or bearish trend movement.
Since the bottom of this movement, ethereum gained a little more than 100$ and we estimate that the market is going to establish another bullish wave (iii) marked in orange.
To make this clear, we aren't going to trade this movement with additional positions. We already announced our newly accumulated positions in Chainlink and Solana , if you missed this trade, feel free to check in on our last update. The (orange) trading zone can be used to build up positions as usual.
Especially Chainlink did very well in the last days and the momentum is finally coming back in this coin after a very long consolidation.
As marked on the chart we estimate that ethereum will reach a valuation of over 2000$ in the next weeks and according to our fibonacci extension it could even be possible that we push beyond 2100$
Important: We will implement video updates in the future, to get the most value for our subscribers. Please stay tuned!
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
LONGERM Target: +8’000$