Otherwise, we continue to view Ethereum in … grey W-iv to ideally $2950+/-150 before the of the to ideally $5000+/-200 kicks in.Fast-forward and the second-largest cryptocurrency by market cap decided to morph into an even more complex correction . It bottomed out last week, April 19, at $2866 in what counts best as five waves lower from the early April, grey W-b, high. It has staged a decent rally since.
” So far, so good, as ETHUSD bottomed out today at $3072. Besides, the colored warning levels in the chart tell us below which prices it is increasingly less likely for ETHUSD to rally directly to $5000+/-200. From a technical perspective, we can see the daily RSI5 has broken above its downtrend line, the MACD is on a buy signal and the money flow is increasing . However, Ethereum’s price is still below its 20- and 50-day Simple Moving Average as well as its Ichimoku Cloud.
Assuming our analysis is correct, we want a break above the grey W-i high, coinciding with a break back above the 20-d SMA. That can trigger a run to the grey upper trend line. A break above that line, which equates to a break back above the Ichimoku Cloud, is required to confirm the grey W-iii . At this stage, the W-iii, iv, and v paths are merely penciled in and not set in stone—a tentative road map. The ideal target zone for the green W-5 is $4800-5400.
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