Setting a New Target on Ethereum

[Jeff Clark's Market Minute]( Setting a New Target on Ethereum By Imre Gams, analyst, Market Minute On June 3, [we took a closer look at bitcoin](. This time, we’ll be analyzing Ethereum. Ethereum is the second-largest cryptocurrency network. With a market cap of nearly $470 billion, only bitcoin is bigger. And just like with bitcoin, we’ll be analyzing Ethereum using the Elliott Wave Principle (EWP). EWP is a theory developed by American accountant Ralph Nelson Elliott. Mr. Elliott was a stock market analyst active in the 1930s. Elliott discovered that the market seemed to trend and reverse in recognizable and predictable patterns. Several analysts have added to Elliott’s original body of work over the years, including myself. Today, his theory applies to many different markets, including cryptocurrencies. Here’s how it all works… Recommended Link [NEW: #1 Risk in 2024]( [image]( The #1 risk to Americans in 2024 is… NOT the national debt… NOT inflation… NOT A.I… NOT crypto crashing… And NOT the presidential election. Instead, there’s a massive risk to cash-holders that no one is talking about besides one man. And no… it has nothing to do with Central Bank Digital currencies. [You need to see this former Wall Street insider’s brand-new warning.]( -- Tracking Ethereum Effectively According to the EWP, markets trend and reverse in a predictable manner. You can follow along on this chart… The trending phase of the market has 5 “waves.” Waves 1, 3, and 5, push the market in the direction of the larger trend. Waves 2 and 4, on the other hand, see the market pull back against the direction of the larger trend. Once we have a completed 5-wave cycle, we’ll see a counter-trend pullback in 3 waves. This pattern repeats itself over and over and over again. We use numbers (1, 2, 3, 4, 5) to label the trending waves. And we use letters (A, B, C) to label the countertrend components once a 5-wave cycle is complete. With that in mind, let’s look at where Ethereum sits within its current wave cycle. [Image] [Click to expand image]( As you can see, [Ethereum is very similar to bitcoin](. Just like bitcoin, Ethereum has completed 4 waves, and we have one more wave higher to go before a larger pullback is likely to take place. And just like we did with bitcoin, we’re going to apply the same targeting technique to figure out where this final wave 5 in Ethereum is likely to go. To do so, we need to take the measurements of waves 1 and 4 first. That’s because wave 5 tends to be approximately equal in length to wave 1. We can start measuring the projected length of wave 5 from the price point where wave 4 ends. In the case of Ethereum, wave 1 nearly saw the crypto double in value with a move higher of 93%. This means from the wave 4 low of $2,880, we should look for wave 5 to stage approximately another 93% advance. That gives us a target in Ethereum of around $5,550. Free Trading Resources Have you checked out Jeff's free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career – at zero cost to you. Just [click here]( to check it out. Always Manage Your Risk With Cryptos This is the part where I say just because we have a great target to aim for, it doesn’t mean we should blindly hope that Ethereum gets there. Cryptocurrencies are notorious for being volatile. It’s possible we fall short of the target. At the same time, it’s also possible we exceed the target and go even higher. That’s why the money in trading is always made through strong risk management. One of the best things traders can implement is a trailing stop loss system. A trailing stop loss simultaneously locks in gains while limiting your downside risk. And with a market as volatile as Ethereum, it’s very wise to make use of a trailing stop as if prices continue trading higher. Happy trading, [Signature] Imre Gams Analyst, Market Minute [Jeff Clark's Market Minute]( Jeff Clark Trader 55 NE 5th Avenue, Delray Beach, FL 33483 [www.jeffclarktrader.com]( To ensure our emails continue reaching your inbox, please [add our email address]( to your address book. This editorial email containing advertisements was sent to {EMAIL} because you subscribed to this service. To stop receiving these emails, click [here](. Jeff Clark Trader welcomes your feedback and questions. But please note: The law prohibits us from giving personalized advice. To contact Customer Service, call toll free Domestic/International: 1-800-752-0820, Mon–Fri, 9am–7pm ET, or email us [here](mailto:contactus@jeffclarktrader.com). © 2024 Omnia Research, LLC. All rights reserved. Any reproduction, copying, or redistribution of our content, in whole or in part, is prohibited without written permission from Omnia Research, LLC. [Privacy Policy]( | [Terms of Use](