Bottom line:  Ethereum bullish structure remains intact until prices stay above 116.72 lows. Bulls are poised to target above 200, to terminate a lower degree impulse.

Technical Analysis:

Ethereum bulls remain firmly in control since 116.72 lows on December 18, 2019; and are poised to complete the first impulse above 200.00. Looking at the lower degree wave counts, bulls have managed to carve lower degree waves I, ii and iii at 135.13, 126.84 and 178.97 respectively. Please note that wave iii was extended and sub divided into 5 waves breaking higher towards 178.97. If the above counts are correct, Ethereum is carving wave iv and is expected to terminate towards 158.96. It is seen to be trading close to 158.70 levels at this point in time, and is expected to resume higher towards 196.95/200.00 levels. This rally should be wave v termination, before a meaningful pullback unfolds lower. Ideally, long positions could be added around current price (158.70) with a protective stop at 138.00 and potential target around 200.00 levels. This would complete the first lower degree impulse wave, with the 5 wave rally, as Wave (3) progresses further. The larger degree wave counts also suggest that a classic 5-3-5 Elliott Wave pattern is underway since 83.00 lows in December 2018. A larger degree Wave (1) terminated at 363.30 on June 26, 2019, followed by Wave (2) termination at 116.72 on December 18, 2019 respectively. If the above larger degree counts hold well, Ethereum should remain above 116.72 levels and continue to rally above 360.00, as a higher degree Wave (3) progresses further.  A more conservative trading strategy is to remain flat for now and allow prices to break above 200.00 levels first. Thereafter look for a corrective pullback to initiate fresh long positions against 116.72, with potential targets above 360.00.

Prepared by

Harsh Japee, Technical Analyst.

Ethereum Chart

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