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Ethereum Price Forecasted to see Large Gain using Elliott Wave Analysis

Ethereum Price Forecasted to see Large Gain using Elliott Wave Analysis

2018-11-29 16:22:00
Jeremy Wagner, CEWA-M, Head of Education

Ethereum Price Elliott Wave Talking Points:

  • The bearish wave from May 7, 2018 can be counted as complete opening the door for a large rally
  • The Elliott wave pattern for this cryptocurrency implies a bullish breakout may be on the horizon towards 225 and possibly higher levels
  • An immediate move below 102.20 does not negate the longer term bullish forecast, but simply delays the bull trend

Ethereum’s price has fallen in a bearish impulse wave from the May 7, 2018 high. Using Elliott Wave Theory as our guide, we can count the minimum waves in place to suggest a large rally may form nearby if it has not begun already. If the rally is successful in forming, Ethereum may rally to 225 and possibly higher levels.

The current Elliott Wave for Ethereum

Ethereum Price Forecasted to see Large Gain using Elliott Wave Analysis

New to Elliott wave corrective patterns? On page 5 of our Elliott wave advanced guide, we explain Zigzag’s and where they commonly occur.

The Ethereum price chart shows a bearish impulse wave in place from the May 7, 2018 high. This bearish impulse may be wave 3 of a larger impulse or wave ‘C’ of the larger degree zigzag. In both scenarios, a rally to 225 would be considered normal. 225 is identified as the previous fourth wave of the bearish impulse.

At that point, the structure and form of the rally will help us determine if greater potential exists beyond 225.

Ethereum Price Forecasted to see Large Gain using Elliott Wave Analysis

Can other alt coins give us a clue if the trend has shifted higher?

Yes, we wrote earlier this week on Ripple dipping into support as the bullish base builds.

We are uncertain if the rally has begun to lift higher or if the rally begins on one last dip to below .33. Either way, we anticipate Ripple to hold above .25, which suggests a rally in Ethereum looms nearby.

Elliott Wave FAQs

What are Elliott Wave impulse waves?

According to Elliott Wave Theory, the market moves five waves in the direction of the near term trend followed by a three wave counter trend wave. An impulse wave is one of two types of motive waves that denotes trend direction. Therefore, if we see a bearish impulse waveform, then after a three-wave counter trend wave, we can anticipate at least one more bearish motive wave. For those Elliott Wave technicians looking for further study, read about our expert tips in ourbeginners and advanced trading guides.

Interested in trading cryptocurrencies, but unsure about Elliott Wave Theory? Read our guide to day trading cryptocurrencies.

---Written by Jeremy Wagner, CEWA-M

Jeremy Wagner is a Certified Elliott Wave Analyst with a Master’s designation. These articles are designed to illustrate Elliott Wave applied to the current market environment. See Jeremy’s bio page for recent Elliott Wave articles to see Elliott Wave Theory in action.

Communicate with Jeremy and have your shout below by posting in the comments area. Feel free to include your Elliott Wave count as well.

Discuss this market with Jeremy in Monday’s US Opening Bell webinar.

Follow on twitter @JWagnerFXTrader.


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