Elliott Wave Analysis: ETH still has a chance of moving into the $ 5,000 zone

Despite Ethereum hitting new intraday highs, the cryptocurrency’s total market cap has still only seen three rallies from the bottom, so beware of bullish views at this stage. However, ETH is one of the strongest and is moving on its own so it still has a chance of hitting the $ 5,000 region, but it is imperative that it hold above $ 3,500 and BTC enter the consolidation phase.

According to the Elliott wave, ETH / USD may have completed the initial crossover with wave (A) so we can expect a bigger rebound to wave (C) after completing the correction (B) in a three-wave ABC structure. The ideal support is around $ 4,000 while the invalidation remains at $ 3,500.

Hourly ETH / USDT Chart | Source: TradingView

In another context, famous analyst Bluntz is very optimistic about the ETH / BTC pair and thinks people are forgetting the strength of this pair.

“I love how we’ve all been waiting for an outbreak on the eth / btc couple for months and now it has happened but no one is talking about it.”

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page