Suddenly, the Ethereum (ETH) cryptocurrency rate went up and broke through the resistance around $ 3360. Therefore, the coin should rise to $ 3900 by October 14th.
Buyers broke through the upward contracting triangle and began to pump the asset value on October 1. ETH gained 23% in six days, and a correction began on Thursday. ETH/USD may fall in price to $ 3,368 – at this mark is 61.8% Fib over the next two sessions, taking into account the dump from $ 4,378 to $ 1,700.
It is possible that Ethereum price will bounce off $ 3,368 and rush to $ 3,800 (78.6% Fib). The bulls took this obstacle, and the coin rate reached $ 4,025 (Bitstamp data) in early September. This situation may repeat itself, therefore, it is worth counting on the growth of the cryptocurrency rate to at least $ 3,900 within a week.
The theory of American analyst Richard Wyckoff speaks in favor of bull run in ETH market. According to his hypothesis about cycles, Phase A ended at the end of May, during which a powerful dump of the coin’s rate occurred. Phase B lasted until mid-July, and reaching a low around $ 1,700 on July 20 marked the start of Phase C, during which a reversal occurred. The Ethereum market is currently in Phase D, which is an accumulation stage.
Phase E will come after ETH rate overcomes resistance in the $ 4,050-4,100 range. During this period, there will be an exponential rise in the rate of the coin, similar to the pump, which took place from April 25 to May 12. That is, the price of ETH should rise by 100% from the breakout point – up to $ 8,100-8,200. After taking off to the peak, the dump will start as usual and the market will move to Phase A.
The wave theory also indicates the continuation of the upward movement. Judging by the chart, the last upward impulse occurred within wave C, during which the price of Ethereum will set a new historical record.
Moreover, Bart Simpson’s inverted head, which is clearly visible on the chart, speaks of a bullish trend.
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