Upon analyzing the Elliott Wave charts of Ethereum ETHUSD, it is evident that the cryptocurrency is showing incomplete sequences in the cycle from its March peak. This signifies that there is more weakness expected in the short term for Ethereum. The projected target area for Ethereum is between 2700.3-2057.9, where potential buyers may step in. It is worth noting that Ethereum recently experienced a 3-wave bounce but ultimately found sellers as anticipated.
The current analysis suggests that ETHUSD is in the process of a ((iv)) recovery. This recovery phase is correcting the cycle from the peak of 3352.618. The unfolding recovery pattern is speculated to be an Elliott Wave Double Three pattern. The price has already reached an extreme zone from the lows, indicating that sellers may emerge soon. It is crucial to be mindful that the short-term recovery could come to a conclusion at any moment. Hence, it is advised for members to refrain from entering long positions at this stage and to maintain a preference for the short side.
Following the completion of wave ((iv)) recovery, Ethereum encountered sellers as predicted and underwent a notable decline. The wave ((iv)) correction is believed to be finalized at the high of 3220. It is anticipated that short-term bounces will continue to encounter sellers in 3, 7, and 11 swings as long as the pivot at 3355.46 high remains intact. The optimal approach to trading Ethereum is to wait for the extreme zone to be reached within the 2700.3-2057.9 area before considering buying the dips once again.
Upon thorough evaluation of the Elliott Wave analysis of Ethereum ETHUSD, it becomes apparent that caution and strategic planning are essential for navigating the current market conditions. By closely monitoring the unfolding patterns and key levels, traders can position themselves advantageously for potential price movements. As always, it is advisable to exercise patience and discipline in executing trading decisions to maximize profitability while minimizing risks in the volatile cryptocurrency market.