Ethereum Still Has Chance To Hit $5,000 Area

Despite Ethereum making new intraday highs, the crypto total market cap is still three waves up from the lows only, so carefully with any bullish view at this stage. However, is one of the strongest and on its own way, so there’s still a chance to hit 5k area, but only until is above 3500 level and if and other ALTs will stay in sideways consolidation.
As per Elliott Wave, ETH/USD may have now a leading diagonal within wave (A) on the intraday basis, so we can expect a bigger recovery for wave (C) after a three-wave A-B-C setback in wave (B). Ideal support is around 4000 level, while invalidation level remains at 3500.

Ethereum 1h Elliott Wave Analysis 

Ethereum Elliott Wave

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.