22.02.201908:35 Forex Analysis & Reviews: Ethereum Elliott Wave analysis for 22/02/2019

Technical market overview:

The ETH/USD pair has been trading in a horizontal consolidation of the past 24 hours after the top of the wave B had been made at the level of 152.21. The upward momentum is clearly diminishing, so soon the bears might want to retake the control over the market again. In order to do this, first, they will have to break out below the short-term trend line support (marked in orange) and head towards the support at the level of 139.61. Any breakout below this level will be considered as bearish with a target at the next technical support at 135.47.

Weekly Pivot Points:

WR3 - $158

WR2 - $149

WR1 - $138

Weekly Pivot - $126

WS1 - $118

WS2 - $106

WS3 - $99

Trading recommendations:

The aggressive traders might try to short the ETH again in the zone of 150.00 - 153.00 with a tight protective stop loss and wait for the price to hit the level of 140.83, 140.00 or 135.47. Any violation of the last mentioned level will only accelerate the sell-off towards the level of 127.41.