Image Source: PixabayElliott Wave Analysis TradingLounge Daily Chart, 17 November 23,Ethereum/ U.S. dollar(ETHUSD)ETHUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave 1Direction Next higher Degrees: wave (1) of ImpulseWave Cancel invalid level:Details: Wave 1 may have ended and prices are entering. Correction in Wave 2Ethereum/ U.S. dollar(ETHUSD)Trading Strategy: The rise in Wave (1) appears to have ended at the level of 2136.53, and the price is entering a period of correction in Wave (2), where the retracement of Wave (2) is usually 0.50 or 0.618 x the length of Wave (1). Therefore, Ethereum’s outlook remains bullish. The retracement is only a short-term rally to continue Wave (3).Ethereum/ U.S. dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, RSI is a Bullish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWASource : Tradinglounge.comElliott Wave Analysis TradingLounge 4H Chart, 17 November 23,Ethereum/ U.S. dollar(ETHUSD)ETHUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave 1Direction Next higher Degrees: wave (1) of ImpulseWave Cancel invalid level:Details: Wave 1 may have ended and prices are entering. Correction in Wave 2Ethereum/ U.S. dollar(ETHUSD)Trading Strategy: The rise in Wave (1) appears to have ended at the level of 2136.53, and the price is entering a period of correction in Wave (2), where the retracement of Wave (2) is usually 0.50 or 0.618 x the length of Wave (1). Therefore, Ethereum’s outlook remains bullish. The retracement is only a short-term rally to continue Wave (3).Ethereum/ U.S. dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, RSI is a Bearish Momentum.
More By This Author:Stock Market Topping
Elliott Wave Technical Analysis: The Coca-Cola Company – Thursday, Nov. 16
Elliott Wave Technical Analysis: NEOUSD – Thursday, November 16
