Home Latest News Elliott Wave View: Ethereum rally likely corrective – FXStreet

Elliott Wave View: Ethereum rally likely corrective [Video] – FXStreet

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Elliott Wave Forecast Team Elliott Wave Forecast Team
ElliottWave-Forecast.com

Short term Elliott Wave view in Ethereum (ETH/USD) suggests that the decline from March 28, 2022 high is unfolding as a zigzag Elliott Wave structure. Down from March 28, 2022 high, wave ((A)) ended at 1700 and wave ((B)) ended at 1918.17. Wave ((C)) lower is currently in progress as the chart below shows. Internal subdivision of wave ((C)) is unfolding as a 5 waves impulse structure. Down from wave ((B)), wave 1 ended at 1725.21 and rally in wave 2 ended at 1874.03. The crypto currency then extends lower again in wave 3 towards 1013, and rally in wave 4 ended at 1255.55. Final leg lower wave 5 ended at 880 which completed wave (1).
Wave (2) rally is now in progress as a zigzag structure to correct cycle from June 6 high before the decline resumes. Up from wave (1), wave A ended at 1169.50. Expect Ethereum to pullback in wave B then rally again in wave C before ending wave (2) and turns lower. Near term, as far as June 6 pivot high at 1918.75 stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Potential target lower is 100% – 123.6% Fibonacci extension from November 2021 high which comes at 233 – 872 area.
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Bitcoin price, Ethereum and other cryptocurrencies look to be diverging from global markets this morning after the third recession warning on Wednesday.
Cardano price remains under pressure despite experiencing a bounce-back Thursday at the time of this update (11.30 GMT). ADA price again found support at the $0.45 support on a negative Wednesday for most cryptocurrency markets. 
Ethereum price has been hovering around a significantly important resistance barrier. This key level prevented ETH from climbing higher in the recent rally. However, things might change soon for the smart contract token, which could result in a quick run-up.
Uniswap expanded their products to include both ERC-20 and NFTs after acquisition of the first NFT marketplace aggregator Genie. Uniswap’s web app will soon allow users to buy and sell digital collectibles and art across all marketplaces, fueling a bullish sentiment among users. 
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.
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