Bottom line:  Ethereum faced a sharp decline below 133.00 levels (as most of its counterparts), but finally managed to print a meaningful low at 116.72 before pulling back sharply. The bullish structure remains intact against 116.72.

Technical Analysis:

Ethereum bulls seem to be back in control after a brief slip under 133.00 levels on December 17, 2019. A meaningful low could be finally in place at 116.72 levels, and bulls should be poised to push through 160.00 levels which is immediate resistance. Looking at the overall wave counts from 83.00 lows since December 2018, Ethereum has neatly carved out the classic 5-3 Elliott Wave pattern described below. The rally between 83.00 and 363.30 levels was in 5 waves, labelled as Wave (1) here. The subsequent drop since June 26, 2019, through December 17, 2019 has been corrective (3 waves) zigzag A-B-C, labelled as Wave (2) of the same degree. Ideally, a 5-3 pattern is followed by another 5 wave movement in the direction of the major trend which is higher in this case. If the above holds, prices should stay above 83.00, and Wave (3) of the same degree should unfold sub dividing into 5 waves and pushing prices comfortably above 363.00 levels, going forward. A high potential trade setup from here is expected to be on the north side, against 83.00, with potential targets above 363.00 levels. An excellent risk reward ratio of 1:7 is being offered with prices trading around 126.00/127.00 for now. The entire structure has taken around 12 months to unfold and high probability remains that in the next 12-15 months, Ethereum prices could be seen trading well above the 363.00 mark. Watch out for a swift rally towards 160.00 levels at least, for a confirmation of a meaningful bottom in place at 116.72.

Prepared by

Harsh Japee, Technical Analyst

Ethereum Chart

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