Ethereum ETH Elliott wave analysis Ethereum price prediction 25 Jun 2018
Is Ethereum nearing the end of the bearish correction? Will price surge soon? The following 25 June Ethereum price prediction looks at ETHUSD based on Elliott wave theory.
Ethereum has a long term triple zigzag corrective pattern forecast from its all-time -high. Just like in BTC and others, price is probably getting closer to the end of the bearish phase. This is coming at the end of the first half of the year. If you remember, something similar happened last year. The first half of year 2017 was dominated by bearish corrections while the second half ( especially from August) saw price surged massively to make their all-time-highs. Is something similar happening this year?The first half of this year is seeing price completing corrective patterns which might extend till July/August. These patterns are in their last stages. Once their completions are confirmed, then a bullish onslaught is close. In the last update, the chart below was used.
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.
A triple zigzag pattern from the all-time-high is in motion. The chart above is part of the correction and price is expected to be followed by a corrective rally above $600 before the bearish correction resumes. An alternative way to look at this is shown below.
The chart above shows a leading diagonal pattern projected to end around $400. Price might take one more move downside to $400, pierce it a bit or not even reach it before a strong rally. The big move is expected to break above $550 up to $700. If corrective, we would be expecting price to resume downside to make new lows. Stay tuned for the next update.
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