Ethereum price analysis and forecast (Wednesday, August 1st): Weaker bearish momentum, more hopes for ETH price

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ETH price will retrace slightly to the target price of $404, then it will surge significantly to the upper trend line of the Triangle Elliott Wave pattern

ETH price, Ethereum price, Ethereum price forecast, Ethereum price analysis, USD, ETH price forecast, ETH price analysis, cryptocurrency, major cryptocurrencies, major 10 cryptocurrenciesETHUSD D1 01082018

The Ethereum price has experience a strong and steep bearish movement yesterday, and it has already broken the solid support line and tumbled about 6% lower from the support level.  According to Elliott Wave analysis, the cryptocurrency price has already entered the final Triangle Elliott Wave, in which the Ending Diagonal Triangle Elliott Wave pattern seems to have been established. We expect that the current bearish momentum will soon become weaker and a bounce back to the upper trend line of the Triangle Elliott Wave pattern is likely to happen in order to complete the Ending Diagonal Triangle Elliott Wave numbered 4.

ETH price, Ethereum price, Ethereum price forecast, Ethereum price analysis, USD, ETH price forecast, ETH price analysis, cryptocurrency, major cryptocurrencies, major 10 cryptocurrenciesETHUSD H1 01082018

In chart H1, the Pennant pattern has been shaped after a steep and sharp downward movement of the Ethereum price. The cryptocurrency price has recovered in the last few sessions. Nevertheless,  we have to wait for more bar signals right at the Fibonacci Retracement level of 23.6% in order to know whether the Ethereum price will have jumped into the above-mentioned forth Ending Diagonal Triangle Elliott Wave or not. Besides, the formation of bullish divergence in the RSI (Relative Strength Index) provides more hopes for the market after the gloomy situation yesterday. We expect that the cryptocurrency price will experience a short-lived recovery to the Fibonacci Retracement level of 23.6%, then retrace slightly to the target price of $404 because of the effect of the Pennant pattern and afterwards it will surge significantly to the upper trend line of the Triangle Elliott Wave pattern.

Written by nami.today

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