Ethereum Extends Rally as Traders Bet on ETH ETF
In a recent article, we discussed Ethereum’s corrective movement within an uptrend and pointed out the possibility of a rally. Well, it seems our prediction was right on the money as Ethereum continues to surge higher. This time, it’s not just the investors driving up the price, but also traders who are betting on the possibility of an Ethereum-based exchange-traded fund (ETF) being launched in the near future. This news has injected a new wave of optimism into the market, pushing Ethereum’s price even higher.
Analyzing Ethereum’s 4-Hour Chart for Future Upside Potential
Taking a closer look at the 4-hour chart of Ethereum, we can see a clear upward trend taking shape. After completing a projected complex correction in wave (4), Ethereum has started wave (5), which should be a five-wave cycle of the lower degree. This suggests that there is more upside potential for Ethereum in the coming days. If the current momentum continues, we can expect the price to reach at least the 2700 area, and possibly even higher.
Completing a Projected Complex Correction, Wave (5) in Progress
The completion of a projected complex correction in wave (4) signals that Ethereum’s upward momentum is gaining strength. This correction allowed the market to reset and consolidate before embarking on the next leg of the rally. Now, with wave (5) in progress, we can expect Ethereum to continue its upward trajectory. Traders and investors should take note of this bullish development and consider positioning themselves accordingly.
Predicting More Upside for Ethereum, Targeting 2700 Area
Based on the analysis of Ethereum’s current chart pattern and wave structure, it is reasonable to expect more upside for the cryptocurrency. The 2700 area serves as a conservative target, but given the recent surge in momentum, there is a possibility that Ethereum may exceed this level. Traders should closely monitor the price action and adjust their positions accordingly to capitalize on the potential gains.
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In conclusion
, Ethereum’s rally is showing no signs of slowing down, as traders place their bets on the possibility of an ETH ETF. The 4-hour chart analysis suggests that Ethereum’s upward momentum is strong, with wave (5) currently in progress. Traders should consider targeting the 2700 area, or even higher, as the price continues to surge. To stay ahead of the market and make informed trading decisions, take advantage of our premium Elliott Wave analysis offer and gain full access for 14 days.
Analyst comment
Positive news: Ethereum’s rally continues as traders bet on the possibility of an ETH ETF being launched. The market is experiencing a new wave of optimism, pushing up Ethereum’s price even higher.
Market prediction: Ethereum’s upward momentum is strong, with wave (5) currently in progress. The price is expected to reach at least the 2700 area, and possibly even higher, in the coming days. Traders should monitor the price action and adjust their positions accordingly.
Analysis as an analyst: The market is bullish on Ethereum due to the potential for an ETH ETF launch and the strong upward momentum indicated by wave (5). It is recommended for traders to target the 2700 area and take advantage of the premium Elliott Wave analysis offer for informed trading decisions.
