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
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