#Ethereum = Weekly Analysis = 24.04.2022 $ETH #ETH #cryptocurrency

#Ethereum is facing a gargantuan task for the next week. If #ETH wants to break the monthly bearish spell, it has to close on April 30th above $3895 or gain 36% in 6 days (as I type – $2869). Of course the bullish odds are never zero, but… Any price below the cut-off level will be treated as bearish by candles. How do you like the target so far? And I am not even talking about the monthly MACD cross that is unlikely to flip back and forth in the same month.

Let’s explore more.

This overview contains (open access):
– a discussion on the daily and weekly candles and technical events;
– a long term Elliott Wave forecast;
– a mid term EW chart.

This post is part of the Weekly Analyses series that InvestingAngles offers to the followers and subscribers. The series covers the US and global major indices; VIX, DXY, commodities, Bitcoin and Ethereum, and some large cap stocks.

Previous analysis:
https://investingangles.com/2022/04/17/ethereum-weekly-analysis-17-04-2022-eth-eth-cryptocurrency/

CANDLES

Weekly
Following a strong bearish Engulfing two weeks ago, ETH formed another bearish candle.
The price is below 8 EMA; the trend is bearish.
Odds: Bearish

Daily
The daily combo is bearish and there is no bullish signal yet. ETH broke the 100 DMA support. The odds and the trend are bearish.
A daily closure above ~$2900 tomorrow could be a bullish signal. Any price below – bearish.
Odds: Bearish

ELLIOTT WAVES

Long Term

I split the bearish and bullish paths into two long term charts for better readability. Both remain unchanged since November 2021.
The blue is primary.

Blue (primary):
Main hypothesis: ETH completed a Super Cycle wave (I) and waves A and B of (II); is working on wave C of (II).

Red:
ETH has completed wave C of IV. As the wave off the bottom could still form an Ending Diagonal for wave V. Not invalidated yet.

Forecast:

This zoomed in chart shows both red and blue paths. The chart has been practically unchanged since February 7th.

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