ETH is going higher, possibly to $4900-5200. Almost certain about it. There is also a very high chance that it will return to $1700 after. Within the next few months, and here is why.
In the recent weeks ETH made several moves that are greatly matching the moves that BTC did in March 2021. These moves helped me to forecast the BTC drop to $29k. Now I can see the same patterns are being developed in candlesticks and indicators of ETH, and I am almost certain the outcome will be the same.
ETH is likely developing an ending diagonal for wave V.
Possible targets for the diagonal, measured by 3 different Fib ratios: $4900-5200.
If ETH price stays within the channel, the diagonal should be completed by the end of February.
- The diagonals (per Elliott) do normally retrace back to their origin level. For ETH on Coinbase it would be $1700.00.
- Possible Double Diagonal
Below is a zoomed-out last wave.
Until now, it looks like the wave 5 could develop as a diagonal itself. Double diagonal – hmmm, would it be concerning? You can find the most recent example of a double diagonal in February 2020 in SPX.
- Possible target for wave (II).
Wave II in 2018 retraced 94%. The lower boundary of the blue triangle is charted at the minus 94% level off the projected wave (I) target. That would be about $400.
Mark this post and follow @InvestingAngles – $ETH path will be regularly updated.
BTC Analysis in March 2021:
BTC forecasts on March 24 and May 24, 2021:
$SPX, DJIA, NDX – Road Maps:
VIX Weekly Analysis:
DXY Weekly Analysis: