Wednesday Update - Ethereum
Little brother Ethereum has performed well in the last week and could finally push above the red extension zone!
The wave movements look good so far and my target of 2445$ at the wave (iii) extension is still the same, the crash this morning doesn’t change anything about this. Furthermore, the Bitcoin Dominance showed significant weakness and through this Ethereum had finally the strength to catch up to bitcoin.
I estimate that Ethereum will continue its uptrend and just like in bitcoin, today’s events represent not much more than a temporary “cool-off”. The 2000$ level should offer a support and from there on we should push further above the last high at 2146.50$.
Additionally, I want to point out that Ethereum established a new high above the last top which was formed in august 2022 at 2030.87$!
I also highlighted the alt.(i) scenario again on the chart. Personally, I believe that a further wave (i) – wave (ii) setup is rather unlikely but technically speaking its possible. Luckily there isn’t much more to say about Ethereum and I recommend not listening to the “fearmongering” that gets thrown around in the crypto space every time we decline by a few percent.
Have a nice week, greetings from Zurich!
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$
STOP-LOSS: NONE
LONGTERM Target: +8’000$