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


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


  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.


  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.
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