More Left for Ethereum’s rally?

The Correction Was Completed

In my last update, see here, I continued my Bullish stance on Ethereum (ETH) and showed by using the Elliott Wave Principle (EWP) that

“the anticipated rally to around $3500 should start from $1150-1220, but a direct move above $1555 strongly suggests this rally is already underway. It is, for now, still a matter of “pay me now” vs. “pay me a little bit later.”

The EWP, once again, did not disappoint, and ETH “paid me later” as it reached as low as $1200 on October 13, and has rallied strongly since. See figure 1 below. From that low, ETH has done five none overlapping (grey) waves higher to complete green W-1/a arrows. I have kept my premium crypto trading members continuously abreast of this impulse path.

Figure 1. Ethereum daily chart with detailed EWP count and technical indicators.

Ethereum Reached $1200+/-100 and Rallied as Expected. What’s Next?

Isn’t it amazing that already mid-September, the EWP allowed us to look for a preferred “(grey) W-iv top around $1460+/-30, and (grey) W-v should ideally be at about $1150-1225. From there, W-iii/c to ideally $3500 should start.”

My analysis, and as a consequence my premium members, did not miss much: W-iv topped at $1384 on October 6, and W-v bottomed at $1200 on October 13. Now (red) W-iii/c to ~$3500 is underway as ETH already breached “above that $1555 level” and topped out at $1671 last Friday -a 39% rally!- in a five waves pattern.

The larger W-iii/c will consist of at least three smaller waves: green W-1/a, 2/b, and 3/c (preferably five). Thus green W-2/b is now underway and should ideally bottom in the green target zone: $1380-1490. Green W-3/c should then take hold and rally to ideally $2150-2250. Then the market can decide if it wants to complete a W-4, 5 (my preferred POV) $3000+/-500.

In conclusion, my POV in September was proven right. ETH followed the preferred path almost to the T and has rallied strongly from the ideal target zone of $1150-1225 I had given. Thus, I see no reason to change my Bullish perspective, only if ETH drops back below $1200 with a severe warning to the Bulls at $1320.