Image Source: PixabayElliott Wave Analysis TradingLounge Daily Chart, 23 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 correction in wave (2) seems to have started at the level of 2136.53 after the rise in wave (1). Typically, the retracement of wave (2) is around .50 or .618 x the length of wave (1). Consequently, Ethereum’s outlook remains bullish, and the retracement is anticipated to be a short-term rally before continuing with wave (3).Ethereum/ U.S. dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum.TradingLounge Analyst: Kittiampon Somboonsod, CEWASource : Tradinglounge.comElliott Wave Analysis TradingLounge 4H Chart, 23 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 correction in wave (2) seems to have started at the level of 2136.53 after the rise in wave (1). Typically, the retracement of wave (2) is around .50 or .618 x the length of wave (1). Consequently, Ethereum’s outlook remains bullish, and the retracement is anticipated to be a short-term rally before continuing with wave (3).Ethereum/ U.S. dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillators a Bullish Momentum. More By This Author:Elliott Wave Technical Analysis 4 Hour Chart: British Pound/Japanese Yen – Wednesday, Nov. 22
Elliott Wave Technical Analysis Day Chart: British Pound/Japanese Yen – Wednesday, Nov. 22
Elliott Wave Technical Analysis: AAVEUSD – Wednesday, November 22