The Elliott Wave charts of Ethereum ETHUSD indicate incomplete sequences in the cycle from the March peak, suggesting more weakness in the short term. Ethereum is currently targeting the 2700.3-2057.9 area, presenting a potential buying opportunity for investors. Despite a recent 3-wave bounce, the crypto found sellers as expected, reinforcing the bearish outlook for the near future.
Wave Forecast for Ethereum ETHUSD
The current ((iv)) recovery in ETHUSD is correcting the cycle from the 3352.618 peak and may be unfolding as an Elliott Wave Double Three pattern. The price has already reached an extreme zone from the lows, signaling a potential reversal point where sellers are expected to enter the market. It is crucial for investors to exercise caution and refrain from entering long positions at this stage, as the short side of the market is still favored.
Ethereum’s Recent Decline
Following the completion of wave ((iv)) recovery, Ethereum experienced a significant decline, with sellers stepping in as expected. The wave ((iv)) correction is considered completed at the 3220 high, and short term bounces are likely to face resistance in 3, 7, and 11 swing highs as long as the pivot at 3355.46 remains intact. Traders are advised to wait for the extreme zone to be reached at the 2700.3-2057.9 area before considering buying the dips again.
The Elliott Wave charts of Ethereum ETHUSD provide valuable insights into the potential price movements of the crypto in the coming days. With incomplete sequences indicating further weakness and short term bounces finding sellers, investors should exercise caution and carefully monitor key resistance levels before considering new trading positions. By waiting for the extreme zone to be reached and assessing market conditions accordingly, traders can effectively navigate the volatile crypto market and make informed decisions to maximize their returns.