There are two scenarios a price boost up to USD 800 is expected
The downtrend has ended in the range of 82.07 and the first uptrend wave ended in the range of 366.80 and the corrective movement of this uptrend ended in the range of USD 86 and the uptrend initiated in the third wave.
The main highlight is at the bottom of the chart (USD 489 range)
The structure of the price increase from USD 368 to USD 489 level was in the form of 3 waves, followed by a 5-wave decline, which indicates the Expanded Flat pattern.
Wave iv from point of 3 can be completed in the range of USD 304, we should wait for the uptrend in the 5th wave, which the target in a worst-case will be USD 600 and can be extended up to USD 800 level.
If we consider, the 2-year corrective of the range of USD 86, as a completed movement. By counting the increasing price trend of USD 368 to USD 489 in a 5 waves format.
In this case, the first uptrend is over, and the price is in a corrective uptrend movement, which due to the first 5 wave fall (wave A), we are expecting further price reductions in the range of 238 to 170 dollars. This range is a very important area, in addition to the Fibonacci ratios, it is overlapping to the downward which has been broken.
The basis of my movement strategy is as follows:
According to the both analyzes; the advent of the uptrend is not doubtful. But there is a scenario of further decline.
It is highly recommended to enter long positions, by managing the % 50 of risk and reward logics, in the range of USD 350. In case of further decline up to the range of USD 238, the rest of the positions can be set.
Ethereum targets are very high, traders must go long in the fall of the price action.
In my opinion, the area of 120 to 130 dollars is a very important price range, and if the price exceeds this range, probably …………..! I hope this never happen…