#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.
Following a strong bearish Engulfing two weeks ago, ETH formed another bearish candle.
The price is below 8 EMA; the trend is bearish.
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.
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.
Main hypothesis: ETH completed a Super Cycle wave (I) and waves A and B of (II); is working on wave C of (II).
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.
This zoomed in chart shows both red and blue paths. The chart has been practically unchanged since February 7th.
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