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Ethereum Elliott Wave Analysis TradingLounge Daily Chart, 7 July 2023.Ethereum/U.S.dollar(ETHUSD).ETHUSD Elliott Wave Technical Analysis.Function: Reactionary(Counter Trend).Mode: Corrective.Structure: Zigzag.Position: Wave (C).Direction Next higher Degrees: wave ((2)) of Motive.Details: Wave ((2)) is likely to end at the level of 1620.15 A five-wave rise from this point will support this idea.Wave Cancel invalid level: 1620.15.

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are bullish momentum.

Ethereum daily chart

Elliott Wave Analysis TradingLounge 4H Chart, 7 July 2023, Ethereum/U.S.dollar(ETHUSD)ETHUSD Elliott Wave Technical AnalysisFunction: Reactionary(Counter Trend)Mode: CorrectiveStructure: ZigzagPosition: Wave (C)Direction Next higher Degrees: wave ((2)) of MotiveDetails: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))Wave Cancel invalid level: 1620.15

Ethereum/U.S.dollar(ETHUSD)Trading Strategy: Ethereum recovered well from the 1620.15 level and was able to form a strong five-wave structure, giving Ethereum the opportunity to form a new uptrend. Still, the price is still in the correction of wave (2), so wait for the reversal of wave (2) to complete to join the trend again.

Ethereum/U.S.dollar(ETHUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are bullish momentum

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Ethereum ETH/USD Elliott Wave Analysis - FXStreet