$ETH Elliott Wave Analysis TradingLounge Daily Chart, 7 July 2023, Ethereum/U.S.dollar(ETHUSD) ETHUSD Elliott Wave Technical Analysis Function: Reactionary(Counter Trend) Mode: Corrective Structure: Zigzag Position: Wave (C) Direction Next higher Degrees: wave ((2)) of Motive Details: Wave ((2)) is likely to end at the level of 1620.15 A five-wave rise from this point will support this idea. Wave Cancel invalid level: 1620.15
#Ethereum /U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.
Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are bullish momentum
Source: tradinglounge.com Analyst: Kittiampon Somboonsod, CEWA
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