Ethereum (ETH / USD) New Momentum Up Daily Engulfing Candle - From $ 360 to $ 520?

작년

Ethereum today shows a price with an engulfing daily candle. Could Ethereum continue to rise?

Today we will see if etheruem could still reach $ 520 dollars or if it will continue to correct the price?

Captura de pantalla 2020-09-24 a las 4.42.44 p.m..png

Let's see

The price of ethereum seems to have found a support days ago at 310 dollars and has started a new upward cycle forming a double bottom

I have drawn several uptrend lines on the chart, to take into account

Today the price generates a bullish engulfing candle that if it closes at these values, it would be a bullish indicator

Elliot wave analysis

Analysis according to Elliot

I have updated the elliot waves considering that Ethereum continues its bullish cycle, completing a wave 4 of 5 elliot waves of the main cycle of 5 elliot waves

Analyzing the graph, we can say that we are starting on a wave 5 of 5 main waves of elliot.

Elliot Subwaves

Captura de pantalla 2020-09-24 a las 4.42.44 p.m..png

Within these 5 main waves we can analyze and define elliot subwave cycles

We can identify a new cycle 5 subwaves of elliot as we see in the graph

Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with elliot sub waves we could identify the first 2 waves fulfilled and project the remaining waves of elliot

In subwave 1 the price reached $ 360 dollars and 2 corrected the price to approximately $ 315 dollars and today we are seeing an upward momentum that could reach approximately $ 450 dollars in wave 3.

As we see today, we are starting, the upward momentum of a wave 3 and then wait for the correction of a wave 4.

How is the objective determined?

If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for waves 3 and 5

If we apply Fibonacci extensions, we can define a possible objective of wave 5, it could take the price up to $ 520 dollars approx.

If you go back more than $ 300, cancel this elliot analysis

Bullish

  1. Target: between $ 235 and $ 245 approximately. (compliment)

  2. Target: range from $ 270 to $ 280 approx. (compliment)

  3. Target: range from $ 310 to $ 320 approx. (compliment)

  4. Target: range from $ 350 to $ 360 approx. (compliment)

  5. Target: range from $ 440 to $ 450 approx.

Other possibility

Captura de pantalla 2020-09-24 a las 4.48.25 p.m..png

We must always consider the downside possibilities. We can consider that wave 4 of the main count is not forming.

It could be forming an elliot ABC cycle, where A would be fulfilled and we are seeing a bullish retracement to form B.

It will depend as far as B goes, to be able to project the C wave.

Bearish

  1. Target: between $ 250 and $ 230 approximately for a possible wave C

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
Perform your own analysis before making an investment decision. Use money that you are willing to lose if you make an investment.
If you make exchanges or investments after reading this publication, it is entirely at your own risk. I am not responsible for any of your gains or losses. By reading this publication, you acknowledge and agree that you will never hold me liable for any of your profits or losses.

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