Tuesday Update 31.01.2023 - Ethereum
New week - new analysis!
Today we start with Ethereum again because the movements of the past days are much easier to count than the waves in bitcoin.
As we pointed out in our last update on January 26th , we estimate that wave (i) is finished since Ethereum hit 1679$. An interesting difference is that bitcoin could sustain its upward momentum and nearly hit the important 24’000$ resistance, Ethereum couldn’t push beyond its last high. This is rather unusual in crypto because Ethereum tends to “catch” up with Bitcoin and not the other way around…
So to make myself clear, in our primary scenario we think that Ethereum already moves inside the corrective wave (ii) as marked on the chart. Currently, the whole pattern points towards a “flat” correction and the price should decline further until we start wave (b). Depending on the volatility which will impact the markets on tomorrow's FED Meeting this could change, of course we will update everyone on Thursday about this!
Finally, investors should watch our blue retracements on the chart, this blue box will most likely be reached in the next days in order to finish wave (ii). Our alternative scenario is still valid and Ethereum could extend it’s wave (i) as marked on the chart, however based on the movements in other cryptocurrencies we don’t think that this will happen.
In case new subscribers read this analysis, note that we will continue to accumulate in this zone too!
For everyone who is interested in Solana, we will update our count tomorrow!
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$