Ethereum ETH Price Today: Ethereum has broken out of the ascending wedge which suggests direct escalation to the upside. It is consolidating above the 1940 level and the 5th of April high

Ethereum Price Update

Ethereum has broken out of the ascending wedge which suggests direct escalation to the upside. It is consolidating above the 1940 level and the 5th of April high, which is quite bullish consolidation. The target that was highlighted, the 2020 level, was nearly reached and it can still escalate higher. If we look at the wave 4 pullback, ideally it doesn’t drop below 1953 which is a critical level to give us that fifth wave of the third wave. Any drop below that level would make a fourth wave pullback very unreliable. However, if we break into the wave 1 price region, the critical support is at 1930. If we avoid an overlap between wave four and one, it would be an example of the wave one price region. The fifth wave target would then be 2087 or even a little higher. Overall, there are different ways to measure the upside targets but as long as we are holding above 1930, the focus is on higher.

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Analysis

Experts tells us what the market is trying to do, allowing us to understand the language of the market for short and long-term trading strategies. At the moment no change is necessary as long as we’re holding above 1930. If it breaks, we need to quickly adjust our view and strategy. We carry on but at some point, we’ll flip into a different scenario.

Support Areas

Most of the support areas on the chart have held up well in recent weeks and months, which means that we can expect them to hold up in the future. As long as we are holding above 1930, the expectations are on the higher side.