Going Long on ETHUSD
The Elliott Wave pattern indicates the completion of wave (4) and the onset of wave (5) impulse. The target for wave (5) is the 1.618 Fibonacci extension level at 3602.46.
Analysis
The chart displays a clear corrective wave pattern followed by an impulsive wave, signaling upward momentum. Entering at the current price level of 3377.45, a move up to the indicated Fibonacci level is expected. The stop-loss is set just below the recent low of wave (4) to manage risk effectively. This setup offers a favorable risk-reward ratio for a long position.
