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.
