Bottom line:  Ethereum remains bullish until prices stay broadly above 83/84. The recent structure might indicate a potential low formed at 133.40 or another shallow low may be print.

Technical Analysis:

ETHUSD bulls are poised to regain control and push prices higher above the 350 mark, going forward. It remains to be seen whether 133.40 is a meaningful low formed, or yet another shallow low is print before revering higher. The overall wave structure remains bullish since a 5-3 pattern seems to be in place, with major trend pointing north. According to the classic Elliott Wave pattern, another 5 waves movement should be seen on the north side, completing a 5-3-5 at least. The rally from sub 83.00 through 363.30 was clearly in 5 waves, labelled as Wave (1). This has been followed by a potential zigzag drop A-B-C towards 133.40 levels until now. Also note that Ethereum has found support around the fibonacci 0.786 retracement of Wave (1). According to the guidelines, Wave (2) cannot go beyond Wave (1) and until this is satisfied, the overall bullish structure shall remain intact. We still do not have enough evidence on the daily chart that a meaningful bottom is in place but probability remains and hence Wave (2) labelled accordingly. A break beyond 194.00/200.00 resistance levels, would confirm that a meaningful bottom is in place at 133.40 and that prices are headed north, above 360.00, as Wave (3) unfolds. A push beyond 160.00 could be seen at the first confirmation according to price action that a potential bottom is in place at 133.40 levels. A high probability trade direction from here could be seen on the north side, with potential stop below 125.00 (immediate price support), and targets above 363.00 levels, going forward. We shall reduce the risk on trade once price action confirms.

Prepared by

Harsh Japee, Technical Analyst

Ethereum Chart

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