Nothing gives me more pleasure than watching Elliott Waves form.
Ethereum had a 5 impulsive waves followed by a 3 wave correction. Correction was deeper than anticipated, which traded below wave two. That offered a great opportunity to buy Ethereum. The last few days of 2017 Ethereum managed to break the downtrend, breakout is so strong it leaves almost no doubt that we will have another 5 impulsive waves to the upside.
Target is 100% fibonacci extension at 0.1658.
It is important to note that the last alltime high, ethereum was around 90% of bitcoin market cap. If we reach out target, that will mean that Ethereum will reach, and possibly exceed Bitcoin market capitalization, claiming the first place on coinmarketcap.
That's a bet I'm willing to take.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
