Ethereum ETH Ethereum price prediction 22 Jun 2018
Ethereum is heading back below $500 after it appears a new bearish move is picking momentum. The following 22 June Ethereum price prediction looks at ETHUSD based on Elliott wave theory.
Ethereum dropped to $450 on Wednesday last week but has gained close to $100 since then to stay close to $550. However, this rally was not enough reason yet to believe the rally would resume from a technical perspective. Why? It looks corrective and confined within a slightly rising channel. Price will need to break above the channel to think of higher prices. A break below the channel support line would mean lower prices. At least that's the basics according to Elliott wave theory and chart pattern studies. In the last update on ETHUSD, we had the chart below identifying a corrective rally awaiting a bearish breakout.
Wave b of (z) is completing a double zigzag pattern formed within a channel line just like we have in Ripple and Bitcoin. Price could rally to the top of the channel at $575. A breakout below the channel would be the needed bearish confirmation. If this happen, we should expect price down to $375 in the coming days. A strong rally above $575 would invalidate this forecast and would probably lead to higher prices toward $625.
Price broke below the channel as expected in the last update. The bearish move will likely touch $450 and below as the chart below shows.
From $548, we should be counting a new impulse wave downside. The move is expected to the the 5th wave of wave c of (z) to end a triple zigzag pattern. Next target is $350 once price breaks below $450 low. Unless we have a sudden rally above $548, the dip should continue as expected. Stay tuned for the next update.
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