On the sidelines | 23 May 2018

Wave Analysis

Ethereum continues to rally against the direction we previously forecasted. We expect this downward rally to be a mere correction to the lower side and should not go beyond the lower supportive trend line where we'll be looking to buy Ethereum with an ultimate target at 814.35. The idea here is not to buy Etherum now, but to wait for a rebound from the lower trendline to pick a long position, if you're a bit skeptic to buy Ethereum along this trend line, you could wait for a break above 765.55 to pick a long position towards 814.35.

Trade Recommendation:

Wait for a rebound from the lower trendline.