If tomorrow ETH confirms the reversal attempt, it would have a good chance to hit a new ATH. Let’s try to dig deeper by analyzing candles, indicators and Elliott Waves.
This daily overview contains:
– daily candle charts – analysis of candles and technical events and perspectives;
– detailed hourly EW chart and a short term projection.
Today ETH made a strong attempt to form a bottom. The odds are neutral and if the coin closes a day above ~$4146, it would confirm the reversal. The indicators are neutral and would support a move in either direction.
It looks like ETH has made a motive wave off the lows and there is a good chance it continues.
This is a very preliminary bullish count that assumes that ETH is working on wave 3.
The bearish Triangle has not been invalidated yet, it was possibly extended. If ETH moves above 4490.72, the triangle invalidates.
ETH needs to confirm which path it is going to take. A daily closure above ~$4146 would confirm the bullish path. Any closure lower would keep the odds neutral, slightly bearish.
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