@FXEmpire 11 November 2021 more from that month

ETH: The Low-Risk Buying Opportunity Came and Went. $7K Next?! **I see no reason to turn bearish until the price breaks below the 10-w SMA ($3830 and rising) for starters.**

Last month, see my most recent article **here**, using the Elliott Wave Principle (EWP) I was looking for Ethereum (ETH) to https://www.fxempire.com/forecasts/article/ethereum-last-chance-for-a-low-risk-buying-opportunity-should-be-around-the-corner-790008 http://fxempire.com/crypto/eth “*ideally top* [for wave-i] *out around $4000 +/- 200. Then intermediate wave-ii* [to ideally around $3350 +/- 50] *should take hold for several days before the heart of the third wave kicks in wave-iii.* [to ~$7500.] *The wave-ii will essentially be the last good time to “load up the boat,” “back up the truck,” etc., as buyers will step in quicker than you can say lift-off.*” Fast forward, and ETH topped a day after my last update at $4373 and then bottomed on October 27 at $3921 and has since rallied relatively unabated as it is now trading at new all-time highs (ATHs): $4850s. See Figure 1 below. Thus, my top and bottom call was a bit off, but it fits the general narrative of what I concluded last time “… *the “mild wave-ii pullback” should materialize soon*.” It certainly was a mild pullback, but I warned my **premium crypto trading members** of this throughout to ensure they would be on the right side of the trade as much as possible. Besides, as I always mentioned, “*in bull markets expect upside surprises, and downside disappointments*” and “*all we can do as traders and analysts is to anticipate, monitor, and adjust.*” https://intelligentinvesting.market/bitcoin-trading/ Figure 1. ETH daily chart with EWP count and technical indicators.

**3rd of a 3rd wave should now be underway.** The daily price action can often be a bit noisy and confusing, and it is therefore essential to zoom out. Here I use the weekly chart for ETH and can better show the preferred path forward. See Figure 2 below. Figure 2. ETH weekly chart with EWP count and technical indicators. The larger Elliott waves pop out nicely on the weekly chart, and using ideal, standard Fibonacci-based, it follows that (green) wave-3 of iii of 5 of III should top around $5000-5400, then a wave-4 back down to $4100-4450, etc. Ultimately, the 200.00% extension (albeit not shown here on the chart due to limited available space) is the ideal wave-v of 5 of III target projects to $7300+. However, Ethereum is known to see extended 5th waves, so $9K+ remains on tap. Besides, the technicals are all looking good on the weekly chart. Price is above the rising 10-week simple moving average (SMA), which in turn is above the increasing 20-w SMA, etc. This pattern is shown in the upper left corner with my “traffic light.” When it is green, the price action is bullish: be aggressive on the long side. All the technical indicators are pointing up. Price is riding the upper Bollinger band. Thus, the weekly chart is simply 100% Bullish. As such, the chart tells me to be bullish over the intermediate-term (weeks to months) and to prefer the bullish EWP count as shown. I see no reason to turn bearish until the price breaks below the 10-w SMA ($3830 and rising) for starters. **Bottom line:** The “*mild wave-ii pullback*” I anticipated three weeks ago to “*materialize soon*” came and went and was much less than expected. But, by zooming out, I continue to remain Bullish on ETH using the weekly chart as I have been for many months. E.g., **back in May**, when ETH was trading in the low-$2000s, I was anticipating “*upside potential from current levels is now most likely 500+%.*” It has since simply been a matter of how exactly this path would fill in. Thus, “*the last low-risk buying opportunity before it rallies to $7500 and ultimately to $9000*” came and went. The ideal Fibonacci-based wave extensions are looking for $7300+, and for now, I will focus on that target to keep my **premium crypto trading members** on the right side. Any extensions of the waves to as high as $9K+, will be the cherry on the pie. https://www.fxempire.com/forecasts/article/ethereum-the-dreaded-50-70-correction-came-but-is-it-over-731754 https://intelligentinvesting.market/bitcoin-trading/