Just as Bitcoin, Ethereum broke out above contracting wedge formation but is yet to make any significant move to the upper side. As long as the price remains above the immediate, now supportive trend line, we expect a possible momentum to the upper side. The anticipated bullish price rally is the continuation of the corrective three wave cycle and should go beyond 584.40 but should not break above 824.50. If this target is broken, then the price will rally further to the upper side with the next ideal target at 1000.00. This view can only be invalidated in case the price breaks below 433.20. And even then, we’ll be waiting for another break below 363.45 to confirm further rally to the lowerside.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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