Ethereum is completing the final wave of an ABC correction. In fact, it's on the 5th subwave of wave C. It is only a matter of time before Ethereum starts impulsing. In addition, we see bullish divergence, and the volume picking up.
This correction is only temporary, and we need to take a look at the big picture to see how high Ethereum can rise to. We should not panic on these corrections as this will only look like a dip once the price starts impulsing. We have not yet completed the fifth and final wave. Due to the bullish nature of cryptocurrencies, the fifth wave often exceed our targets. Entry: $600-$750 Stop: $400 Conservative Target: $1600 Expected Target: $1900 Aggressive Target: $2000+ Time: Up to 5 months
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The Buy Zone of $600 is derived from a 1 to 1 Extension of Wave A. In the world of cryptocurrencies, wave C rarely exceeds the length of Wave A by much. The Stop Loss Level, is just below the peak of Cycle Wave 1.
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We have to see if Ethereum can break the symmetrical triangle on the ETH/BTC pair. If it breaks down, and Bitcoin continues to tank, we could see another low on Ethereum.
@qdoc, If ETH drops as much as BTC in the next fews days...
Doc-al-Citadel
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@aoeuaoeu, thanks brother. Well yes my gut says this is the last time eth follows rather than leads. But I'm looking at btc5k eth500. Thanks for your valuable insights. Peace.
grant.salvin
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We are close to the bottom. price needs to hold above $530 bitfinex IMO. Hoping for an extended wave 5 to 2k+
vspectra
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Nice call, but are you not expecting it to go lower than $600? I fear it may dip below that depending on if BTC falls again.
aoeuaoeu
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@vspectra, Short-term, I do not expect to go below $600. Right now all the cryptos and Bitcoin are super oversold. The daily RSI is 26 for Bitcoin! I expect at least a short bounce. If Bitcoin still continues to tank after a bounce, I could see a WXY correction for Ethereum. Even if that scenario plays out, I think that Ethereum should break $1000 first.
vspectra
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@aoeuaoeu, Thanks for the input, I can maybe finally get some rest lol. Really hope the whole market has finished its correction.
tradeup13
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@vspectra, Indeed, ETH just hit 587. Actually I´ve been waiting for days for ETH to fall to 582. I couldn´t imagine ETH falling deeper than that, but it´s now possible to go even lower, maybe to 550 - 500, just because of bitcoin.
vspectra
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@tradeup13, Yep. Current market is too unpredictable. BTC is still king and will take everything else down with it.