#Ethereum = Weekly Analysis = 07.11.2021 $ETH #ETH #investing #cryptocurrency #crypto #trading

I cannot complain about daily and weekly candles. Everything looks so bullish on every frame. However, in order to understand the whole picture, let’s try to evaluate the coin from the different angles.

CANDLES

Weekly
The weekly candle is a healthy bullish continuation candle. The price is moving above 8 EMA. The other indicators seem to support a move higher.
I am bullish until a strong bearish message appears on the weekly frame. A red candle closing below $4450 would be such a sign. A weekly closure above that level would be deemed bullish.
Odds: Bullish

Daily
The daily candle is also bullish. It is just a bit short. Should it be higher, it would have increased the bullish odds and almost guaranteed several days of advance. The current candle says that at least one day we should see higher prices. What happens next would depend on the candle on Monday.
From technical perspective, there are two concerns that are better shown than explained. Volume and MACD on the chart below. Perhaps some lower prices are around the corner.

If ETH closes a day:
– above $4670, the rally continues;
– below $4560, it would be a major bearish signal;
– a closure between would mean uncertainty with slightly bullish odds.
The indicators are mixed.
Odds: Neutral-Bullish

ELLIOTT WAVES

The long term Elliott Wave weekly chart remains practically the same since May 16. Level $4554 is critically important and is a strong resistance. At this level: wave V = 2x wave I.

I am currently tracking two major counts:

  1. Red. Once wave B completes, wave C of IV starts and targets $2700-2100.
  2. Blue. Completed Super Cycle – wave V of (I).

On the short term chart, the last wave off September lows has hit 2.618 extension. The last wave 5 seems to be shaping up a diagonal. If it is, a reversal could be dramatic.

FORECAST & Events to Watch:

  1. Monthly odds – neutral, waiting for a monthly closure above May’s high.
  2. Weekly odds – bullish.
  3. Daily odds – neutral. Divergence on some indicators. No bearish candle so far.
  4. If ETH closes a day:
    – above $4670, the rally continues;
    – below $4560, it would be a major bearish signal;
    – a closure between would mean uncertainty with slightly bullish odds.
  5. There is a possibility of a strong reaction down at 2.618 Fib level.

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