- There is a great chance that Ethereum has bottomed out! But first we need to break the downward sloping trendline to confirm this bias.
- I am sure aggressive traders are already buying the ABC correction and the 0.618 FIB retracement, which is definitely worth the lower stop loss they have for this trade.
- After the merge, the price of ETH rapidly went down, maybe just to shake out the long-term hodlers. It was a sell the news event, but maybe just in the short term.
- As per my Elliott Wave analysis, the ABC correction has been completed successfully as a ZigZag (wave 2) and we are prepared for a tremendous impulse wave 3 to the upside.
- However, this ABC correction can transform into an impulse wave, which will be extremely bearish and 500 USD per ETH will be very possible. But you shall not pass!
- The next target is 10,000 USD for the long-term trade, but you can take profit at the next strong resistance (3580 USD) if you don’t want to wait or want to allocate your money somewhere else.
- The chart is printing a symmetrical pattern, but it is not the best looking one, so I drew it on canvas maybe for entertainment purposes.
- You don’t want to miss my previous analysis of Bitcoin! Check out the related section down below.
- I expect tremendous gains for selected altcoins ( QNT , BEL).
Ethereum has bottomed out! 10 000 USD next target!
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Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.
Comment: October and November are very bullish months! We made it through September.