Elliott Wave analysis of ETH/USD for 11/04/2019

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Technical market overview:

The ETH/USD pair has made another rally towards the level of 183.34 but did not violate it. The market reversed quickly and broke below the technical support at the level of 170.35, so the new local low was made at the level of 164.03. The upward momentum is diminishing and now the next target for bears is seen at the level of 159.44. The whole impulsive structure might have been completed at the level of 182.84 with a failed fifth wave, so now the corrective cycle might have started.

Weekly Pivot Points:

WR3 – $226

WR2 – $201

WR1 – $186

Weekly Pivot – $162

WS1 – $146

WS2 – $120

WS3 – $106

Trading recommendations:

The long-term buy orders should now be closed as the level of 170.35 has been violated. The nearest level to open the sell orders is seen at 170.35 which will act as a technical resistance for the price. The target is seen at the level of 159.44.

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

Source:: Elliott Wave analysis of ETH/USD for 11/04/2019

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