In this technical article we’re going to take a quick look at the Elliott Wave charts of Ethereum ETHUSD , published in members area of the website. As our members know, ETHUSD is showing incomplete sequences in the cycle from the March peak. Consequently we expect more weakness in short term. Ethereum is targeting 2700.3-2057.9 area , where we would like to be buyers again. Recently the crypto made 3 waves bounce and found sellers as expected. In further text we are going to explain Wave forecast.
ETHUSD H1 London Update 05.06.2024
ETHUSD is doing a ((iv)) recovery, which is correcting the cycle from the 3352.618 peak. Proposed recovery can be unfolding as a Elliott Wave Double Three pattern .The price has already reached extreme zone from the lows and we expect sellers to appear soon. We are aware that short term recovery can complete any moment. We advise members not to entry long positions at this stage, while still favoring the short side.
ETHUSD H1 London Update 05.06.2024
Ethereum found sellers as expected and made a nice decline after completing wave ((iv)) recovery. We consider the wave ((iv)) correction completed at the 3220 high. We expect short term bounces to keep finding sellers in 3,7,11 swings as far as the pivot at 3355.46 high holds. Right way to trade the crypto is waiting for extreme zone to be reached at 2700.3-2057.9 area, before buying the dips again.
