Sunday Update - ETH is behaving well!
Surprisingly, the situation in Ethereum is looking slightly better than the one in bitcoin.
A few days ago, we managed to establish a higher high and the price showed a significant reaction to the bottom line (red) of the marked “Leading Diagonal”. As of now, we are still trading inside this chart pattern and everything is moving according to our plan, so to speak!
Short-term oriented investors may wonder about the structures of the last two weeks, we at Mendenmein Capital are currently estimating if those two bullish structures could be two separate wave (i) – wave (ii) setups.
Such wave movements would unfold in a very volatile spike which would ultimately push Ethereum above 2200$ and even more.
As of now we can’t confirm this for sure but the structure points towards our thesis, we will observe the market in the upcoming week closely.
1H Chart - Ethereum (Index!)
Only a sell-off below 1786$ would invalidate or bullish outlook, mark this level in your charts!
If you should face problems with the scaling of this chart, the normal scaled chart can be seen below.
Please note that we are already invested in Ethereum since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
STOP-LOSS: NONE
LONGTERM Target: +8’000$
A few days ago, we managed to establish a higher high and the price showed a significant reaction to the bottom line (red) of the marked “Leading Diagonal”. As of now, we are still trading inside this chart pattern and everything is moving according to our plan, so to speak!
Short-term oriented investors may wonder about the structures of the last two weeks, we at Mendenmein Capital are currently estimating if those two bullish structures could be two separate wave (i) – wave (ii) setups.
Such wave movements would unfold in a very volatile spike which would ultimately push Ethereum above 2200$ and even more.
As of now we can’t confirm this for sure but the structure points towards our thesis, we will observe the market in the upcoming week closely.
1H Chart - Ethereum (Index!)
Only a sell-off below 1786$ would invalidate or bullish outlook, mark this level in your charts!
If you should face problems with the scaling of this chart, the normal scaled chart can be seen below.
Please note that we are already invested in Ethereum since the 15th of June 2022, back then we announced our first positions here on tradingview.
Long Ethereum (ETHUSD)
AVERAGE EXECUTION PRICE: 1’057.6$
STOP-LOSS: NONE
LONGTERM Target: +8’000$
If you should have any questions regarding our analysis or elliot wave counts feel free to contact us.
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