Luettis
Giá lên

ETH above resistance and up

BITFINEX:ETHUSD   Ethereum / Đô la Mỹ
In my last analysis I mentioned the possibility that ETH could break the resistance and go up further - what has happened.
And with this move I had to adjust my analysis.

It is now to expect that the price arrives at the next resistance at 1.800$ (261.8%).

I also drew another EW-possibility (not third but already the fifth wave). Elliott wave-theory is very subjective!

Fundamentally ETH is stronger than the other coins, including especially Bitcoin . Its blockchain has more to offer than only a financial transaction. So, in the long run I expect at least a doubling of the prices (perhaps even a triple).

Indicators:
RSI: strong
MACD: strong
ADX: momentum is falling, +DI climbing and -DI falling = positive

conclusion: I expect rising prices with some consolidations sideways


Bình luận: this was a heavy shock for all cryptotraders. It is now the question: have the news changed anything fundamentally?
I don´t think so. But it´ll take some time for normalization.
Meanwhile the ETH has broken the support (now resistance). If it won´t come back or even fall deeper then this could also signal that wave 5 has ended earlier! and we´re starting with corrective Wave A.
This could lead to prices around 1.000$ (psychological mark) - 1.050$ (resistance).
We´ll have a look on the development.
At the moment all indicators are negative - not surprisingly.
Very deep points. I actually think it might work. But gotta wait and see, with patience. The fact is, like you said, eth transactions are faster and more effective.
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So your expecting a correction when it hits 1800 and then rise around$1000 mark
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Luettis Lex0924
@Lex0924, the actual move (motive wave) could lead us to new highs - accompoanied with phases of consolidation; the aim can be the fib retracement at about 1.800$; after this big climb a correction wouldn´t be surprising. How deep it could be, depends on the momentum of the market and the fundamentals of Ethereum. Look at the long run: we´re far away from the long ascending line (pointed). So a correction til this line would only be harmful for those who have entered shortly, not those who are long. But as I´ve told above: Elliott wave theory is very subjective so I am prepared for other movements. I recommend to compare identicators, trend analysis and fundamentals. And I expect ETH to be much higher in the long run than today.
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