Ethereum bulls on their way towards $2500 mark.

Written by

April 8, 2021

Technical Analysis:

Ethereum might be on its way towards $2500 levels at least, as Wave 5 of (3) rolls over since $1300 lows. There might be minor degree corrective waves but $1500 levels should hold, going forward. The crypto is most likely carving a lower degree wave iii within Wave 5 of (3) structurally.
If the above proposed short-term wave counts are unfolding accordingly, Ethereum might hit $2350 mark in the next few days. Thereafter, the crypto is expected to correct lower in wave iv back towards $2100 mark before marching towards $2500/2600 levels.
The crypto would complete a larger degree Wave (3), if the above projections hold well towards the $2500 mark. Please note that the rally had begun in March 2020 since $89.50 lows, and might terminate Wave (3) around $2500 levels, as discussed above.
After $2500 mark, Ethereum bears are expected to be back in control to drag prices lower towards $1300 mark as larger degree Wave (4) unfolds. The crypto would then ascend towards its final Wave (5) rally above $2500 mark. It remains to be seen whether the waves are unfolding as proposed.
At a larger degree, Ethereum might be unfolding into its larger degree Wave ((5)) since $81.50 lows in December 2018. A complete 5 wave cycle projected above would also terminate the larger ((5)) Wave and call for a major correction.
The overall structure remains constructive for bulls at least over the next few trading sessions or weeks. Near term upside targets are pointing towards $2350 mark, followed by $2500/2600 levels respectively.

Prepared by

Finacademy Technical Team

Related Articles

US dollar index is bearish against 97.00

US dollar index is bearish against 97.00

The US dollar index might have carved a lower high around 96.50 mark on Tuesday. The index dropped through 95.80 levels on Wednesday before finding some support.