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Ethereum: Five Waves Up – Going Higher?!
Published: Jun 20, 2023, 17:49 GMT+00:00
After a shallow pullback we expect Ethereum to reach at least the $1800s, but preferably $1900+.
In this article:
Five Waves Up
Ethereum (ETH) made an almost picture-perfect Fibonacci-based impulse pattern, see here, from last week’s low where green waves 1, 3, and 5 topped and bottomed almost precisely where they ideally should (green boxes). See Figure 1 below. Red W-ii/b should now be underway as the price action since the June 17 high at $1760 is messy, i.e., overlapping, and thus corrective. Note green W-1 comprised five (grey) waves as well, which also adhered well to the Fibonacci-based impulse pattern. This is the first time we have seen it this good and evident in a while.
After Five Waves Up, Expect Three Down and at Least Another Five Waves Up
So, red W-i/a has most likely topped, and red W-ii/b to ideally $1690+/15 should now be underway but may already have bottomed yesterday at around $1700. Thus, the next rally will announce itself on a break above $1760 and should then target at least $1800 but preferably ~$1925+ for red W-iii/c (not shown in Figure 1). Thus, a low-risk/high-reward setup is in play because ETH must hold last week’s low at $1622 to allow for this path to unfold.
About the Author
Dr. Arnout Ter Schurecontributor
Dr. Ter Schure founded Intelligent Investing, LLC where he provides detailed daily updates to individuals and private funds on the US markets, Metals & Miners, USD,and Crypto Currencies
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