Hello Traders,
In this analysis, we will have a look at ETH/USD in the 4-hour chart.
The rally from 04/01/18 low can be sub-divided in 5 waves with an extended wave 3. The rally to 417.59 was completed in blue wave (1) and it pulled back to 362.42 to complete blue wave (2). Up from there, blue wave (3) completed at 712.58 and dipped to 595.35 to complete blue wave (4) and it followed by new highs to 838.24 to complete an impulsive rally from 04/01/18 low.
After ending the cycle from 04/01/18 low, it dipped to 685 to complete the first leg of a 3 waves correction in blue wave (A) and rallied to 742.46 to end blue wave (B), followed by the decline in wave (C) which reached 543.53 – 496.45 areas where it completed 3 swings in wave ((2))/((B)).
Near-term cycle from 05/28/18 low (491.95) ended in red wave 1 at 06/03/18 peak (629.10). Below from there, we are calling the correction to the cycle from 05/28/18 low now completed in red wave 2 at 06/10/18 low (495.25).
As long as ETHUSD stays above ((2))/((B)) low (495.70) we are expecting the crypto pair to extend higher. However, a break of ((2))/((B)) low at 495.70 would expose a full test of 4/1/2018 low before ETHUSD could attempt to turn higher again. We don’t like selling it and the right side remains to the upside.
In this analysis, we will have a look at ETH/USD in the 4-hour chart.
The rally from 04/01/18 low can be sub-divided in 5 waves with an extended wave 3. The rally to 417.59 was completed in blue wave (1) and it pulled back to 362.42 to complete blue wave (2). Up from there, blue wave (3) completed at 712.58 and dipped to 595.35 to complete blue wave (4) and it followed by new highs to 838.24 to complete an impulsive rally from 04/01/18 low.
After ending the cycle from 04/01/18 low, it dipped to 685 to complete the first leg of a 3 waves correction in blue wave (A) and rallied to 742.46 to end blue wave (B), followed by the decline in wave (C) which reached 543.53 – 496.45 areas where it completed 3 swings in wave ((2))/((B)).
Near-term cycle from 05/28/18 low (491.95) ended in red wave 1 at 06/03/18 peak (629.10). Below from there, we are calling the correction to the cycle from 05/28/18 low now completed in red wave 2 at 06/10/18 low (495.25).
As long as ETHUSD stays above ((2))/((B)) low (495.70) we are expecting the crypto pair to extend higher. However, a break of ((2))/((B)) low at 495.70 would expose a full test of 4/1/2018 low before ETHUSD could attempt to turn higher again. We don’t like selling it and the right side remains to the upside.
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