- Ethereum is forming a rising wedge on the weekly scale, but there is stil missing a last 5th impulse Elliott wave. - The price is sitting on the 200 weekly moving average, it is good practice to think of this MA as a zone and not a level. - 200MA is considered as strong support by huge hedge funds and institutions and is probably the strongest MA on macro scale. - If we take a look at the RSI indicator - it is on the level of "strong buy" by historical data. - The RSI indicator is showing a nice trendline, which we can watch and potentially buy a breakout with confluence with other indicators. - Also the RSI helps us to identify first and third impulse wave by looking at the divergences. - As per my Elliott Wave analysis - Ethereum is deeply missing a 5th impulse wave, so i think the bull market is imminent. - Next impulse wave target is 10 000 - 20 000 USD per ETH. - Look at my idea about Bitcoin (complete Elliott wave) and TOTAL crypto cap in the related section down below ↓ - For more ideas please hit "Like" & "Follow"!
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Just in case - if we loose the 200 weekly MA, then i expect 480-360 USD as next major support.
Thank you for sharing your idea. As you mentioned -practicing 200MA "as a zone and not a level", which would be in your view the max possible downtrend move on this wave without invalidating your theory? If we refer for instance to March 2020, the downtrend move was material still the pattern held. Thanks
Tolberti
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@vix-i, You are welcome. Yeah in February/March 2020 - the 200 MA acted as a resistance. And now it is the opposite - we are still holding the 200 MA as support.
vix-i
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@Tolberti, thanks totally agreed... it seems we are in the demand zone (and not only for ETH), however in case medium term we lose 200MA on ETH, which would be the lowest support you would see? i think your macro model makes sense and would be interested to understand your reasoning on this part long term. Many thanks
Tolberti
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@vix-i, That's a good question. I updated this chart, so you can take a look where I see the next support for ETH if we loose the 200 MA.
vix-i
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@Tolberti, thank you for sharing your view, agreed - the TA makes sense on both scenarios, it's really interesting how this market will unfold... Thanks, best wishes for your work