Just as the bitcoin count, we had to slightly modify the wave counts in Ethereum and are confident in our updated version.
The first thing you might notice about Ethereum, is that we didn’t establish a triangle or any other pattern which would resemble a considerable consolidation. This can be explained by looking at the more detailed micro-count below, Ethereum extended the green wave (v) much more than bitcoin and experienced more volatility.
So to finish things up, Ethereum should be in the last stages of its wave 4 correction, and it’s possible that with today’s positive reaction to the published CPI data, a bullish wave 5 may have already begun. The next stop for Ethereum would be obviously prices above 2400$ and 2600$.
This scenario would be threatened if Ethereum would decline significantly below 1786$, the highlighted alt.(2) would be activated in this case.
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$
LONGTERM Target: +8’000$