The Weight of the Evidence Is Bullish
Besides, the daily MACD has crossed the “good risk-reward level” at -200 again, as history shows, a reliable short- to intermediate-term trade trigger. These divergences indicate that downside momentum and selling pressure are waning, while upside momentum and buying pressure are increasing. Although these are conditions, not trade triggers, they add weight to the evidence that an important low is in place.
Combined with our preferred wave count, this suggests that, short- to long-term, Ethereum has likely bottomed out, contingent on holding above the warning levels for the Bulls set at 1746, 1803, 1846, 1928, and 1995. Now we need to see a break above the gray W-i/a high at $2150 to target $2470, ideally. Once reached, the market can then decide to provide us with five gray waves up or only three. The former means an important low is in. The latter means one lower low to come before we look higher again. But for now, and regardless, we prefer to look for (much) higher prices.
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