#Ethereum #ETH 🚀💥 is still very bullish, so there is no reason to expect lower prices at this moment. We can see that the price broke out of this ascending parallel channel and retested it. Usually you want to wait for a retest and then enter a long position, which is happening right now! You can place your stop loss below the previous swing low (inside the ascending channel).

On the chart, you can see my detailed Elliott Wave count. We are in the bull market, so we can expect an impulse wave to form. In this case, we are still missing the fifth wave to the upside, which gives us another reason to open a long position.

Where to take profit? For this, we always need to use the Fibonacci extension tool. In combination with Elliott Wave theory, we can use the fibonacci extension tool from the start of wave 1 to the end of wave 3 and to the end of wave 4. The target for the fifth wave is 0.382 FIB or 0.618 FIB. Both log scale and linear scale are valid as profit targets. 🚀💵