There is a great chance that Ethereum has bottomed out! But first we need to break the downward sloping trendline to confirm this bias.
I am sure aggressive traders are already buying the ABC correction and the 0.618 FIB retracement, which is definitely worth the lower stop loss they have for this trade.
After the merge, the price of ETH rapidly went down, maybe just to shake out the long-term hodlers. It was a sell the news event, but maybe just in the short term.
As per my Elliott Wave analysis, the ABC correction has been completed successfully as a ZigZag (wave 2) and we are prepared for a tremendous impulse wave 3 to the upside.
However, this ABC correction can transform into an impulse wave, which will be extremely bearish and 500 USD per ETH will be very possible. But you shall not pass!
The next target is 10,000 USD for the long-term trade, but you can take profit at the next strong resistance (3580 USD) if you don't want to wait or want to allocate your money somewhere else.
The chart is printing a symmetrical pattern, but it is not the best looking one, so I drew it on canvas maybe for entertainment purposes.
You don't want to miss my previous analysis of Bitcoin! Check out the related section down below.
I expect tremendous gains for selected altcoins (QNT, BEL).
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Comentarios
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October and November are very bullish months! We made it through September.
Spot on analysis. I love the Elliot wave analysis on crypto! I wish I traded crypto tho loool
Tolberti
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@Pips-Collector, Thank you so much. Elliott Wave theory is ideal for crypto. It works best.
Pips-Collector
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@Tolberti, I really need to learn crypto properly. I have seen many of my friends get rich quick with crypto. I normally trade forex but, do you do any forex/gold?
Hey buddy, stealing ideas in that way is not good. A few days ago I wrote under your TA (tradingview.com/chart/ETHUSDT/unWjtqQu-Ethereum-Macro-outlook-62-next-month) that actually your Elliot Waves count is totally wrong and also shared with you my TA in the comments and it's still there. Now I see my TA here presented as yours. You should have pointed out somewhere in the text that actually this is my idea not yours and that you take it and now for you that is the correct Elliot Wave count! SHAME!!!
Tolberti
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@la40, No man, it's a classic ABC correction that every Elliott Wave trader is watching. I posted this Elliott Wave count on September 14th.
Nice analysis According to me there will be an impulse bearish wave again. As ABC correction does not give a tremendous bullish output! why bearish? Because ethereum tried to break 1200's but that was not possible in the 3rd layer 1252 but it's getting a pullback and it seems a 24h fakeout. I would better short it from 1353 Tp 1: 1258. Tp 2: 1221 Tp 3: 1196