In this technical article we’re going to take a look at the Elliott Wave charts of Ethereum ( ETHUSD ) published in members area of the website. As our members know ETHUSD reached extreme zone ( buying zone) in the cycle from the April 16th peak. In further text we’re going to explain the Elliott Wave structure and the forecast.
ETH/USD 4h Asia Elliott Wave analysis 06.04.2023
ETH/USD is showing incomplete bearish sequences in the cycle from the April 16th peak. At this stage we believe correction is unfolding as Elliott Wave Double Three Pattern. We call (x) blue connector completed at 1927 high. As far as the price stays below that high, Ethereum should ideally make another leg down toward 1668.4-1450.5 area. At the marked blue box zone buyers should ideally appear again.
ETH/USD 4h Asia Elliott Wave analysis 06.18.2023
We got the decline as expected. Eventually ETHUSD reached extreme zone, blue box (buying zone). So far reaction from the blue box is still shallow. Ethereum still can see another leg down within extreme zone to complete the cycle.