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Ethereum on Track for 15k… and Beyond! for KRAKEN:ETHUSD by Critique-al-Thinker

Ethereum ( ETHUSD ) has not only completed a nice, deep 2nd wave pullback but rallied to all-time highs in recent weeks. However, we are dealing with weakness across the crypto sector. I’m calling the current ETH pullback a subwave 2 within a larger 3rd wave pattern. If we can hold support around the 3300-3700 region, subwave (iii) should get us to 8661-10,601 by around January-February of 2022. The subsequent subwave (iv) pullback will very likely be a sideways, multi-month affair as the rally cools and recharges for the next leg up. For that next leg up, the overall top for subwave (v) projects to 12k to 14.7k by Q2-2022! While these targets are significantly more optimistic than what I’ve had in previous updates, these are all very reasonable standard Elliott Wave Fibonacci Pinball targets overhead.

However, the 0.618 extension off the larger wave 3-4 structure is pointing us into the 18k to 19k range for a final 5th wave extension blow-off scenario! Not only is this common 0.618 target supportive of this, but due to the fractal nature of Elliott Waves , the 5th wave blow-offs we’ve seen at other degrees of the structure (going as high as the 2.618 extension of the 1-2 including the recent subwave (i) itself) also add fuel to the fire!

After this MAJOR top to his decade-long impulse wave, the ensuing bear market will likely be brutal and possibly last multiple years! For this reason, the top may be a great time to take profits and reallocate into other asset classes or even Stablecoins. Such a major Wave II could take ETH back down into the 1000’s range convincing the general public that cryptos are dead and gone for good. But THAT will be an incredible buying opportunity for even more spectacular action in Ethereum in subsequent years. While BTC and ETH are in their major bear markets, I expect many altcoins to be completing their own powerful 3rd waves, which could generate outsized returns despite blood in the streets for BTC and ETH!

Check out my YouTube video on this analysis at:
https://youtu.be/e075b1rzYak

the Bullish IMPULSE Elliott Wave Trade Analysis on Youtube:
https://www.youtube.com/channel/UCPffZ_y…

I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.

#ethereum #bitcoin #cryptocurrency #blockchain #crypto

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