Wednesday Update - Ethereum
Good afternoon…
The situation in Ethereum is more complex than the one in bitcoin, as of now the price is declining steadily and from time to time we trade outside the “Leading Diagonal”.
According to the basic rules of the Elliot wave theory, the bottom line of a diagonal can adjust, and this would mean, that Ethereum would only form a new wave 4 low but wouldn’t invalidate our projected wave 5.
However, with the increased volatility of today's Federal Reserve meeting, a bearish stance of Jerome Powell could attract a lot of sellers andEthereum wouldn’t be an exception here. We highlighted an important support at 1786$ in Ethereum, if we break below this level our alt.(2) would be activated most likely.
We will have to wait and see what happens during Jerome Powell's speech, we will inform everyone about our actions if the market should experience a significant decline.
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$