This is the overall structure for the ETH weekly chart. We can see that ETH has made an ATH at 4886.90 and has actually created a double top on the 18th of August. This range bound movement indicates that ETH is currently in the process of completing a flat ABC correction on the weekly chart.
We had ETH making its first low around 1005 on the 11th of July completing Wave A of the corrective before heading back and forming a double top on the 18th of August completing Wave B of the correction.
As the chart suggests we are now in the process of completing wave C which is the last leg of the correction which is making its way down as an impulse. We have completed 3 out of 5 waves of this impulse with the price currently in Wave 4 of C. Any upward movement should be treated as a pullback with Wave 4 expected to finish between 2500 - 2900 levels. From this range expect the last leg of Wave C to unfold in the form of a 5th wave which should make its way to 950 levels completing the multi week correction.
We had ETH making its first low around 1005 on the 11th of July completing Wave A of the corrective before heading back and forming a double top on the 18th of August completing Wave B of the correction.
As the chart suggests we are now in the process of completing wave C which is the last leg of the correction which is making its way down as an impulse. We have completed 3 out of 5 waves of this impulse with the price currently in Wave 4 of C. Any upward movement should be treated as a pullback with Wave 4 expected to finish between 2500 - 2900 levels. From this range expect the last leg of Wave C to unfold in the form of a 5th wave which should make its way to 950 levels completing the multi week correction.
Elliot Wave Analyst - 15 years Experience || For detailed charts check out and join my SKOOL community - skool.com/investoredgeclub/about
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Elliot Wave Analyst - 15 years Experience || For detailed charts check out and join my SKOOL community - skool.com/investoredgeclub/about
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.