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Ethereum (ETHUSD): Patience required (4hr tf analysis)

The price of Ethereum from ~$867.20 (March 5, 2018) to ~$461.12 on March 18,2018 has been identified in this analysis as the termination point of a minor wave Y and intermediate wave (Y). These imply that Ethereum will sustain a bullish momentum, even if temporarily.

Thereum

Patience is required because it is safer to start considering long (buy) positions only after a 3 wave (correction) move against the current upswing to further confirm that the previous downtrend is over.

Assuming that the price of Ethereum doesn’t close above its latest high (i.e. ~$590.11), long positions can be entered on a breakout above $590.11 after a 3 wave move from this pivot.

POI = Point of invalidation = price closing below $461.12.

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