Ethereum (ETH / USD) From $ 360 to $ 520 dollars?

Ethereum corrected back to $ 360, could we see $ 500?

A few months ago we announced targets up to $ 360 dollars, which were exceeded, reaching the price of approximately $ 450 dollars and then correcting up to $ 360 dollars.

Today we will continue with the analysis of ethereum

Let's see

I have updated the chart including an ascending channel through which the price of ethereum has moved in the last few months.

Graphic from A month ago

Elliot wave analysis

Analysis according to Elliot

I have updated the elliot waves considering that Ethereum continues with its bullish cycle, without having a correction that suggests that the main cycle of 5 main elliot waves is complete.

Analyzing the graph, we can say that we are in wave 3 of 5 main elliot waves.

Elliot Subwaves

Within these 5 main waves we can analyze and define elliot subwave cycles

We can identify a new cycle 5 subwaves of elliot as we see in the graph

Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with elliot sub waves we could identify the first 2 waves fulfilled and project the remaining waves of elliot

In sub-wave 1 the price reached $ 411 dollars and 2 corrected the price to approximately $ 360 dollars.

As we see today, we could be in a 3 of 5 sub-rounds of elliot that could take the price up to $ 480 dollars

How is the objective determined?

If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for waves 3 and 5

We could consider wave 2 complete in a Fibonacci extension of 1.618 we could consider a subwave 5 as a target

This allows us to measure the target of a 5 fibanacci wave

If we apply Fibonacci extensions, we can define a possible wave 5 target, which would take the price to approximately $ 515

But first you should correct in a 4 subwave before completing the $ 515

The price could correct up to $ 430 to form wave 4 of the 5 rounds of elliot. Going back further cancels this analysis

Bullish

1. Target: between $ 235 and $ 245 approximately. (compliment)

2. Target: range from $ 270 to $ 280 approx. (compliment)

3. Target: range from $ 310 to $ 320 approx. (compliment)

4. Target: range from $ 350 to $ 360 approx. (compliment)

5. Target: range from $ 510 to $ 520 approx.

Other possibility

We must always consider the downside possibilities

Bearish

1. Target: between $ 370 and $ 350 approximately.

After completing the 5 sub-rounds of elliot, you must perform a price correction. It will depend until the price corrects the possibility of giving ethereum a further boost to the upside.

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READ DISCLAIMER: this publication / analysis is only for general information purposes. I am not a professional trader and I will never be a financial advisor. The material in this publication does not constitute any trading advice of any kind. This is the way I see the paintings and what my ideas are.
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