Crypto traders, here’s the latest on Ethereum (ETHUSD) from an Elliott Wave perspective on the 45-minute chart. We’ve observed a complete impulse sequence through wave (5), and it looks like the market has transitioned into a corrective phase.
Wave (a) made a significant move down, and after a brief retracement in wave (b), we’re potentially in the midst of wave (c). According to the Elliott Wave principle, this wave could extend down to key Fibonacci retracement levels — the 0.521 level at 3075.0 and the more significant 0.618 level at 3057.0, which often act as strong support in such corrective phases. If wave (c) extends further, the 1.618 extension at 2871.3 could be the next area of interest.
ETH, like other cryptocurrencies, can be particularly sensitive to market sentiment, technological developments, and regulatory news. It's crucial to keep this in context when considering these technical patterns.
As we navigate this correction, there’s the potential for short-term trades aligned with the completion of wave (c). As always, proper risk management and market analysis are vital, ensuring any positions reflect your trading strategy and risk tolerance. Let's stay vigilant as we watch these corrective waves unfold.
Wave (a) made a significant move down, and after a brief retracement in wave (b), we’re potentially in the midst of wave (c). According to the Elliott Wave principle, this wave could extend down to key Fibonacci retracement levels — the 0.521 level at 3075.0 and the more significant 0.618 level at 3057.0, which often act as strong support in such corrective phases. If wave (c) extends further, the 1.618 extension at 2871.3 could be the next area of interest.
ETH, like other cryptocurrencies, can be particularly sensitive to market sentiment, technological developments, and regulatory news. It's crucial to keep this in context when considering these technical patterns.
As we navigate this correction, there’s the potential for short-term trades aligned with the completion of wave (c). As always, proper risk management and market analysis are vital, ensuring any positions reflect your trading strategy and risk tolerance. Let's stay vigilant as we watch these corrective waves unfold.
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