Elliott Wave analysis of Ethereum for 20/03/2019

Technical market overview:

The ETH/USD pair keeps trading below the orange trendline as it makes another lower low on its way down and so far there is no sign of downtrend reversal. The nearest technical support at the level of 134.68 has already been tested, but this is not the end of the down move as the wave (c) is still being made. The next target is seen at the level of 127.85 and this bearish bias is valid as long as the orange trendline is not violated.

Weekly Pivot Points:

WR3 - 162.50

WR2 - 153.11

WR1 - 146.18

Weekly Pivot - 134.66

WS1 - 129.36

WS2 - 120.05

WS3 - 112.99

Trading recommendations:

The bearish wave progression to the downside has still not been completed, so only sell orders should be placed as close as possible to the level of 140.89 with a target seen at the level of 134.89 and if this level is violated - at 127.85. Please notice, the trendline (marked in orange) cannot be violated, otherwise, the scenario will be updated.

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The material has been provided by InstaForex Company - www.instaforex.com

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