Ethereum Elliott Wave analysis for 12/03/2019

Technical Market Overview:

The ETH/USD pair has just made another lower low on its way down just as anticipated. The local technical support at the level of 127.85 has been broken and the new low was made at 127.06. Nevertheless, this is not the end of the down move as the next target is seen at the level of 125.20 and then at the wave X bottom at 121.92. The wave X at the ETH/USD market has might have been completed, but the bulls are not able to break through the technical resistance zone located between the levels of 139.63 - 142.22. This is why the wave X might now be still unfolding into a more complex and time-consuming pattern, which means another leg down for this market.

Weekly Pivot Points:

WR3 - 160.89

WR2 - 150.37

WR1 - 143.35

Weekly Pivot - 132.11

WS1 - 124.46

WS2 - 114.39

WS3 - 108.32

Trading Recommendations:

All previous sell orders have hit the first and the second target.

Currently, still, only sell orders should be open as close as possible to the level of 129.00 The protective stop-loss orders should be placed at 137.69 level as any violation of this level will invalidate the short-term bearish outlook. The first target is seen at the level of 125.20, then at 121.92. Any violation of the wave X low at the level of 121.92 will confirm the bearish outlook.


The material has been provided by InstaForex Company -