Ethereum Elliott Wave analysis for 04/03/2019

Technical market overview:

The ETH/USD pair has failed to rally above the technical resistance at the level of 139.63 again and another leg down was made recently in order to complete the wave (c) of the overall corrective structure. The momentum remains weak and negative despite the bullish divergence visible at this time frame chart. The next target for bears is seen at the level of 116.15 - 114.00 area, which was a consolidation zone for the wave 2 of the old wave C of W. Any breakout below the 125.00 support will accelerate the sell-off.

Weekly Pivot Points:

WR3 - 152.52

WR2 - 146.84

WR1 - 137.53

Weekly Pivot - 130.71

WS1 - 121.63

WS2 - 115.38

WS3 - 106.41

Trading Recommendations:

All sell orders from the last week should be still kept open with a target set at the level of 116.15. Another sell stop orders can be triggered below the level of 125.00 with the same take profit level.

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

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