Ethereum’s Elliott Wave Count Looks Bullish

In my previous update, see here, I reviewed the shorter-term Elliott Wave Principle (EWP)-count for Ethereum (ETH) and was “… tracking the potential for five smaller waves higher … since the late June low.” I found that “It requires ETH to hold above $1280 and then breakout over $1700, which is the initial symmetry upside target, as I showed in my recent premium member update.

That allows ETH’s price to target $2000-2200, completing these five waves and adding additional weight to the evidence the cryptocurrency has bottomed for the long-term and is ideally on its way to $10K+ or, at a minimum, working on a longer-term bounce.” I also laid out a general path on the daily chart for how ETH’s price should ideally progress. See the grey dotted arrows in Figure 1 below: Up to ~$1850, down to ~$1650, then rally to ~$2100.

Fast forward, and ETH topped at ~$1680, dropped to ~$1360, and rallied so far to ~$1790. Albeit my projections were too high, the general path was correct, and as I told my premium crypto trading members, “a breakout over $1275 would target $1700.” So far, so good!

Figure 1. Ethereum daily chart with detailed EWP count and technical indicators.

Ethereum Elliott Wave Analysis

Five waves appear to have completed: I expect another move higher after a pullback.

What matters more than the price targets at this stage is that I can now count five (green) waves up from the late-June low. I currently track the (red) wave-ii/b pullback into the ideal $1300-1500 target zone. It should comprise ideally three waves lower (a, b, c), and wave-a could be considered complete.

Albeit not shown on the chart, the alternative EWP count at this stage is to see another rally to the $2100+/-100 target zone for another 5^th wave, which would make the mid-June low the major (blue, Primary-IV) low.

Confirming this option requires a direct breakout above last week’s high. Regardless, both options I am tracking resolve higher to at least the (red) iii/c target zone. For now, this target zone is preliminary because I have too little price data available to nail down the wave-b/ii low. Once I can, then I will update accordingly. So please see it as a general path and a great guideline.

Ethereum Price Forecast

Thus, for now, ETH appears to have completed five waves up, which means that after a pullback, we should see at least another leg higher. If ETH -over the next few weeks to months- can put in five larger waves (red i, ii, iii, iv, and v), then the run to $10K is confirmed, and the next more significant pullback from those five waves up will be the last chance to load up the boat.

But let’s not get too greedy and try to look around too many corners at once. If anything: Baby steps. The new Bull is, at best, in its infancy and requires more constructive price action to confirm fully.