$$ETH

UPDATE $ETH ACCORDING TO THE LARGE WAVE INCREASE (M).

As mentioned in the previous article about ETH, I stated that the confirmation price range for long-term growth for ETH is $3,333. This is just the beginning of the increase of wave 1 if calculated according to the monthly timeframe (M), the current price is: $3,580.

My target for ETH in this cycle remains the price range of $8,000-$11,000.

In a large upward wave when looking long-term, there will be small waves in each smaller timeframe, with increases and corrections, but corrections in an upward trend.

If we look at the monthly candles, we see a large and long green candle, if we consider the Elliott wave structure, then the current candle according to the monthly timeframe is just candle number 1, and there are still 4 more candles to complete wave 5 (monthly timeframe).

Thus, the second monthly candle is a potential correction candle or it could be a continuous upward candle like the recent green candles of BTC.

In my opinion, currently, the ETH wave of this cycle, according to the monthly timeframe has only gone 20%. This means that the long-term and very strong upward wave is still ahead (figure 2: is the 6(M) month timeframe of ETH).

What do you see?

1. High and large volume column with more green than red.

2. More green candles than red candles.

3. RSI is expanding and creating higher lows.

Look at the higher timeframes and determine the main trend.

Last update: Friday, November 29, 2024

@Bitcoinboy-8686

(Personal analysis and information sharing, not financial advice)