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Is Ethereum’s Path To $3000 In Jeopardy?
As long as $1845 holds, Ethereum is still on pace for a clear route to $3000+.
Reached additional minor third and fourth wave target zones
Our main prediction based on the Elliott Wave Principle (EWP) came two weeks ago, when Ethereum (ETH) was trading in the $1860s, as shown here: "Thus, the green W-1, 2; grey W-i, ii setups we have been tracking since January 10 should now be complete." As long as it can maintain a price over $1765, ETH should now be in blue W-iii, orange W-3, or grey W-iii. Thus, ETH has topped and bottomed in the majority of our projected EWP-based target zones and is still moving upwards in accordance with our preferred scenario of an EWP-based impulse path. Look at Figure 1 below.
The top and bottom of ETH's orange W-3 and W-4 were about where their labels had been two weeks prior: #42137 vs. $2100-2150 and now $1982 vs. $1950-2000, respectively. The graph is shown here.
As a result, given we have been bullish on ETH since January, our preferred, primary outlook for rising pricing remains true. However, we are aware that ETH has to maintain above specific levels in order to maintain the upward trend. For example, one may utilize such levels as pauses. Being aware of certain pricing points helps one's portfolio avoid catastrophe.
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