#Ethereum = Weekly Analysis = 12.06.2022 $ETH #ETH #cryptocurrency @crypto @markets @VitalikButerin

Today #Ethereum made a major move and opened a path towards the 3-digit (or even 2-digit) prices. The chart above was first made in November 2021.

This overview contains (open access):
– a discussion on the daily and weekly candles and technical events;
– a long and short term forecasts.

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, currencies, crypto, and some large cap stocks.

Previous monthly analysis on May 31st:
“A move downwards is almost guaranteed…”
https://investingangles.com/2022/05/31/ethereum-monthly-analysis-31-05-2022-eth-eth-cryptocurrency/

CANDLES

Monthly
ETH is moving down following a Falling 3 Methods in May.
The price is approaching the 50 MA; the trend is bearish.
Odds: Bearish

At the end of June a quarterly candle will be formed. So far it looks extremely bearish. If it closes as shown on the right chart above, ETH could easily fall towards the triple-digit prices.

The daily and weekly candles are bearish on the bearish trends.
However, both frames are oversold and there is a good chance of a bounce that could develop into a bigger rally.
Odds: Bearish-Neutral

ELLIOTT WAVES

Long Term

The long term chart has been practically the same since November 2021.

Main hypothesis has been confirmed today. ETH crossed the major top in 2018 and it confirmed my theory that the coin has been developing a Super Cycle wave (II) since November.

Short Term + Classical Pattern
ETH is possibly completing wave 5 of C of (II).
Wave 4 also can be viewed as a classical pattern – flag or pennant.
Possible target area: $900-650-390.

Forecast:

The odds are bearish on all frames. However, as the daily and weekly are oversold and the coin is in the target area (as per long term chart), it could start developing a bottoming pattern. So far, no strong reversal signal.

From the perspectives of the quarterly and semi-annual closure on June 30th, the current candles are extremely bearish. If ETH does not recover in the next 2 weeks, very bearish long term candles will signal a continued long term decline, targeting 3- and 2-digit prices. A return to zero cannot be ruled out at this point as waves (II) could return to almost the origin of wave (I).

Good Luck!

InvestingAngles offer the best long- and mid-term forecasts!

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