Taking a brief look at the current Elliott Wave structure of Ethereum, we notice a very interesting setup at this juncture.
Breaking down what we see, Elliott Wave is suggesting a classic Wave 1-2, 1-2 setup. This provides us an early sign that the larger degree impulse wave is in development. Basically, this is the type of structure that forms before a bullish advance.
The expected target is at 4516.06, as the 1.618% extension of Wave 1 is typically a common target for Wave 3. For this setup to remain valid, Ethereum needs to remain above 2178.40 If ETH breaks below this level, we'll need to reevaluate the wave count.
Let us know your thoughts in the comments, we're looking forward to it!