ETHEREUM - Elliott Wave Analysis

Dear Steemians.

I like to share my long and medium-term analysis of ETHUSD and I want to start with the weekly chart. Normally, I start with the monthly time frame, but in this case, there isn't an important thing to look at.

Long-Term Expectation

I'm one of those, who believe the future of cryptocurrencies, and in my opinion, the wave cycle just began. That's why my long-term expectation is upside for all major cryptocurrencies. If we talk about Ethereum itself, we can see that the 2nd wave is in the making. The most important question at this point is whether the 2nd wave is over. To see that we have to look at lower time frames. Let's go to the daily chart.

Medium-Term Expectation

After the end of the 1st wave, it dropped quite fast and made its first impulse inside of correction (2nd wave). Therefore I Iabelled first down move with (A). I know, the majority of traders/investors believe that the cryptocurrencies will go up very much anytime soon. But in reality and based on the concept of wave theory, this expectation will fail most likely, because there is a time relation between impulse and its correction. The completion of the 1st wave of Ethereum took almost 2 years, and the drop from that top to 560 took only 1 month. It is safe to say the first drop shouldn't be the whole correction. That's why I'm expecting some more time spent in the 2nd wave. I draw my expectation as ABC in (B) wave, but they are wild drawings. So, it can make 5 wave structure, it can go much deeper retracement levels of (A), it can spend much more time then I draw, it can make any type of corrective pattern instead of regular flat, unlike my drawings. Basically, it is still the very early stage in order to predict the corrective structure. But it is important, based on time concept, we can say that it is still making the 2nd wave.

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Until next time, trade with care.

Don't invest money than you can afford to lose. Trading carries a high degree of risk. Everything here is my personal opinion, should not be considered as trade calls.