Ethereum managed to stay inside our trend channel and the selling pressure declined significantly.
Our expectations are still the same regarding wave 5, the market should shift into a bullish sentiment and our orange target zone represents our most important price targets. Ethereum is showing the possibility of a small wave (i) – wave (ii) setup on our micro-count, but as of now it’s too early to confirm this observation.
Like I mentioned in our last update, the bearish alternative (2) will be triggered if Ethereum breaks out of the highlighted trend channel again and a drop below 1756$ would be the “last nail in the coffin”. (So to speak)
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$