Ethereum price analysis - course between $628 and $838.


 

Altcoins in general ended up experiencing a strong appreciation last week, I recently wrote an article saying this was expected, most were following the bitcoin cycle and had their period corrected while bitcoin was valuing causing panic in the unsuspecting and fundamentalist investors. Now that the charts have resumed their bullish pattern, what should we expect for the future?

In this paper I intend to do a short, medium and long term price analysis of ETHEREUM (ETH) using elliot wave theory and fibonacci tools as a basis for my analysis.

 

~ Ethereum daily chart ~

351665157-09ca6530464b2c72ad8695ad87437a388784425514e8790fae755f2dd94e97ce.png

In the short term scenario what we are seeing is a stock wave surge 1. The price is being supported by the 200 period moving average at a price of $ 209, which is a great sign but if the price falls and stays in the coming days below that it is only natural that it goes down to between $ 195 and $ 180.

After overcoming this barrier the next resistance levels to be overcome by Ethereum are $ 263, $ 287 and $ 320.

 

351665157-3a79b6a4383d1bcdcf6d456187870481fcf4b786ddfa2b31fb192e91ad36c981.png

Looking back at the chart's recent past, whenever the price advances very quickly, it is only natural that now a corrective price lateralization will take place long enough to supply this sudden advance/setback. If the pattern continues to repeat, even if this pump occurred to a lesser extent than previously noted, the price is expected to hold before rising again.

 

~ Ethereum weekly chart ~

351665157-c392b052dd1b7af65d49732aabbcccfcdb38bc59ab1fe5716b53b3a53fd2aeb9.png

In the weekly chart of ethereum you can see that we are now entering wave 3 of higher grade, it tends to always take 1.618 and 2.618 from wave 1 of fibonacci, so analyzing by symmetry there is a point close to 1.618 which gives exactly $ 628, 99 and a point near 2,618 of fibo that has a value of $ 838. the chart can be expected to hit one of these two points and lateralize on a wave 4 by the end of 2019. After this correction it is natural for the chart to continue its upward cycle, the value to be reached by wave 5 tends to change based on The extent that occurs in wave 3, if it reaches 2,618, wave 5 is expected to be shorter reaching approximately $ 1265, if wave 3 is shorter it is possible to project higher values towards the end of the pulse.

 

 

Thank you for reading :D

How do you rate this article?


0

0

zulonga
zulonga

reading, learning and sharing.


cryptocurrencies, introduction and analysis
cryptocurrencies, introduction and analysis

Created to analyze cryptocurrencies.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.