Nothing changed from our previous price analysis: ETH is still consolidating below the upper side of the descending trend-line.
In case Bitcoin breaks up, towards $7000 and $7300, it may affect the whole market, so as mentioned before, Targets for ETH could be the 200 EMA (exponential moving average) at $275 – $285 or even higher (marked on the chart below).
The ABC Eliot wave count is still on its prior count, so we are expecting another move up as wave 5 of C, but I would be careful around the next resistance level.
To sum up, closest support area lies between $220 – $230.
Full analysis written on the following chart:
A chance for Alt 4 (Alternative 4th wave target)? Will take place in case the 4th wave develops into a more complicated sideways move as (WXY) which will fit nicely with c longer triangle consolidation formation.
Full analysis written on the following chart:
Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.