EthereumZaktualizowano ETH-USD: Ethereum Elliott Wave structure 2021–2024
The Ethereum market has been on fire once again in the year of the fourth halving cycle of bitcoin.
Like the alt-coin market in general, it did not enter the bull market until Fall 2023, although it recovered greatly from the lows of the bear market previously. Its recovery was bounded by a large Elliott triangle formation that allowed only large swings in price. It finally broke out of the triangle in October 2023, from which point on it has entered and continued in a straight rising channel. At the same time its corresponding BTC market turned upward as well, ending a multi-year flat correction. The ETHBTC market is shown in a faint background trace.
Like the alt-coin market in general, it did not enter the bull market until Fall 2023, although it recovered greatly from the lows of the bear market previously. Its recovery was bounded by a large Elliott triangle formation that allowed only large swings in price. It finally broke out of the triangle in October 2023, from which point on it has entered and continued in a straight rising channel. At the same time its corresponding BTC market turned upward as well, ending a multi-year flat correction. The ETHBTC market is shown in a faint background trace.
Uwaga
This correlation between the ETH-USD and the ETH-BTC markets led me to the assignment of the triangle structure, ABCDE, here, rather than a double 1-2 assignment of bullish nature. A year ago this was my first interpretation, and I have seen this idea in other posts on TradingView. But when ETH is in corrective mode, it should so in both markets more or less. One could argue against that, because USD and BTC are vastly different assets, with essentially opposing characters. Although weakening in historical economic terms, the dollar however has been strong against other fiat currencies.Another assignment that occurred to me was the possibility of an ending diagonal instead of the triangle correction. But I don’t like the ascending feature of the wedge in that context.
Again, the most convincing argument for the end of the ETH correction with the triangle, is the close coincidence of the USD-based impulse on October 13, 2023, and the turn around of the ETH-BTC market shortly after, for which I wrote a post back in December or so.
Uwaga
Where is ETH going?Well, while it has its own merits, it can still not be ignored that BTC drives the entire crypto market. With the halving approaching, bitcoin is headed to 100000 dollars, and so ETH will rise too, due to the coupling from the crosspairs.
My chart here forecasts an ETH price of about $5500 for mid-April.
Given the now bullish ETH-BTC chart, or at least assuming that, the potentials for ETH are remarkable in 2024 and beyond.
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