Ethereum’s medium-term path remains bullish

Weekly chart starts to the upside

Over the past few weeks, I have shared a detailed short-term Elliott Wave Principle (EWP) calculation for Ethereum (ETH). But in between, I’ve also broken down a mid-range EWP calculation using a slightly different but still simple and elegant approach: see here. I count the countdown, i.e. the red weeks, as corrective (2^{second abbreviation} and 4^{The tenth} waves) and bullish weeks as the bullish part of the impulsive wave (1^Street3^{research and development,} and 5^{The tenth} waves). Since there is no perfect method, this works out 9 out of 10, an excellent track record.

Back in August, I found myself using this method,”Thus, ETH has completed intermediate (red) waves i, ii and iii so far. This week may be the fourth wave. We need wave v to complete the larger (black) wave -1. Preferably target the resistance area at around $2300 +/-100, which was the support area for the previous year. Execution of five ascending waves then tells us to expect a three-wave correction (black, major wave -2), followed by wave 3. See Figure 1 below.

Ethereum fell for two weeks and is now up for two weeks. So it appears that W-iv (in red) completed at $1,422 last week, and Wv is currently moving, so the weekly chart is still bullish.

Figure 1. Ethereum weekly chart with detailed EWP count and technical indicators.

Above 2030 dollars and the target is 2,300 dollars

Since the bullish EWP sequence based on the weekly chart I presented a month ago is still intact, Ethereum needs to move above the August high at $230 to confirm Wv and target the $2300 +/- 100 resistance. But let’s not get ahead of ourselves and take It’s step by step because the bulls still need to make their case: completing a Wv.

Execution of five upward waves means that a three-wave correction (black, big wave-2) will follow. Conversely, the weekly close will be below a bearish $1,422, targeting $1,150 +/- 50. Thus, although the medium-term EWP number already looks bullish, I would like the weekly chart to show that Wv.