Ethereum is on a bullish recovery after price crashed further below $600. What should be expected next. Will the bullish trend resume from here? The following 7 February Ethereum price prediction looks at ETHUSD bullish push possibility.
07 February, AtoZForex – Just at the beginning of this week, The Crypto market continued its ‘crashy’ mood. Bitcoin, Ethereum, Ripple, Litecoin and all other coins dropped. Market cap dropped to $265 billion as the bearish move persisted till 5th February. Ethereum in the process crashed below $600. This was hugely expected as explained in our last update using Elliott wave theory.
Before the end of last month, I predicted that Ethereum would crash after a rally to $250-$300. It did just that. rallied to $265 and crashed. In the last update, I provided another price I thought the bearish crash could be limited at – at least for the moment. In the last update, the chart below was used.
ETHUSD Elliott wave analysis, H2 (click to zoom)
It seems price will make an impulsive wave (c) far beneath $1000. I suspect $600 as the next bearish target for Ethereum (100% Fb-projection of wave (a) from (b) ). Unless there is a strong break above $1260 wave (b) top, there is a high likelihood that a dip to $600 will come.
At the point when it was clear that price’s bullish recovery would be limited below $265, a 5-wave move down was expected. The 3-wave bullish move to $265 was labelled wave (b) of a corrective larger wave 2. Wave 2 was expected to be a zigzag pattern. Remember Zigzag pattern, according to Elliott wave theory, has 15 subwaves. 5 waves in the direction of the correction (against the trend), 3 wave pull back ( in the direction of the trend) and 5 wave move (against the trend) to complete the correction. It seems price has completed wave 2. Price has already started reacting upside. The chart below shows what we expect to happen in the coming days.
7 February Ethereum price prediction – ETHUSD Forecast
ETHUSD Elliott wave analysis, H1 (click to zoom)
Seems price has already bottomed, a new rally could be seen above $1000 as the market try to get over the corrective stages. The rally is expected to be impulsive to support this forecast. Any signs of a corrective pattern seen, price could dig deeper. Stay tuned to know about this in the next update.