Must Read: Ethereum’s Elliot Wave 4 Almost Over. Get Ready For The Next Pump in Price Soon!
In our previous analysis, we identified the Ethereum Elliot wave count and warned our readers of the potential wave 4 pull-back in price before the next leg up for the ETH bulls.
We also identified the $3,308 key support zone and warned our readers that this key level could serve as a price magnet for the ETH price in the coming days.
Well, that Wave 4 price prediction played out exactly! And in this ETH analysis, we will be updating you on the current pattern forming on the Daily timeframe and what we expect to see happen in the coming days.
Start trading BTC,ETH, and a variety of popular cryptocurrencies with leverage as high as 100x on Bybit right now! Sign-up with our Bybit link to claim exclusive rewards of up to 6,045 USDT bonus
Ethereum Consolidation Pattern?
The Ethereum price is in a massive sideways consolidation phase as the ETH bulls continue to gather momentum for a massive move upward soon.
This Consolidation phase can only be completed once the ETH price breaks out of this key converging pattern playing out on the Daily timeframe. Once this bullish breakout is confirmed, this would indicate the start of a much more aggressive push to complete that wave 5 leg up.
So for now, we continue to stand aside as we watch this consolidation phase develop on the Daily timeframe.
Final Verdict!
The Ethereum bulls are still in full control of this market. And right now, we are watching the ETH price consolidate and form what looks to be a bullish converging pattern on the Daily timeframe.
Once this consolidation phase is over, we expect to see Ethereum breakout and begin to rally higher as the Elliot wave 5 leg up plays out.
New to the idea of leverage trading? Check out this article list:
About The Author
