The crypto giant Ethereum has started a downtrend since November 2021 and after completing wave 5 of Elliott. An AB-CD target has been hit accurately on June 19, 22 which could be a reversal point target areas near 2378.
The speculations here have an unusual habit that need to be taken into consideration. After the completion of any patterns, there is another one in progress which may signify more control or more acquisition of coins by speculators (accumulation). In March 19, 22, look at the double bottom formed after the completion of inverse Head and shoulders which it hits the target very accurately. Also, after the completion of harmonic pattern in June 19, an ascending right angle has been formed and ultimately reached beyond its bullish target.
Ethereum is now at the apex of a symmetrical triangle and right before that there was a top bearish head and shoulders (not an ideal one though) so it could be a distribution who knows. FYI, RSI also shows a technical weakness!
Here is the possible scenario: either it goes very bearish to target mid price channel 640 by breaking down the triangle, or hits the harmonic wave reversal target of 2378.
The speculations here have an unusual habit that need to be taken into consideration. After the completion of any patterns, there is another one in progress which may signify more control or more acquisition of coins by speculators (accumulation). In March 19, 22, look at the double bottom formed after the completion of inverse Head and shoulders which it hits the target very accurately. Also, after the completion of harmonic pattern in June 19, an ascending right angle has been formed and ultimately reached beyond its bullish target.
Ethereum is now at the apex of a symmetrical triangle and right before that there was a top bearish head and shoulders (not an ideal one though) so it could be a distribution who knows. FYI, RSI also shows a technical weakness!
Here is the possible scenario: either it goes very bearish to target mid price channel 640 by breaking down the triangle, or hits the harmonic wave reversal target of 2378.
تم فتح الصفقة
watch out for the upcoming resistances highlighted in the chart.
تم فتح الصفقة
Target one achieved. It is also a resistance.
ملاحظة
`Top head n' shoulders is in progress, and volumes are ideal! however, short can only be confirmed if support (neckline) is broken down. At a top of the formation, there is a strong resistance that the coin could not penetrate three times. 1562 is a trigger point here. let's see if ETH could cross over it.
تم فتح الصفقة
Ascending triangle has been formed (some chartists perceive it as a rising wedge) well if it is a rising wedge, then it is bearish. But I don't count the wicks!
ملاحظة
Since many have shorted the coin, it is a great opportunity for an accumulation! Respect to the giant crypto coin.ملاحظة
hit the second target!تم فتح الصفقة
ملاحظة
Following the BTC, Ethereum has also completed a top h&ss pattern in which neckline is not broken down. Short is only confirmed when neckline is broken. أغلقت الصفقة: تم الوصول للهدف
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.