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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
ethereum wave

Is The Final Wave In Ethereum Up Next? | ETHUSD Analysis October 19, 2022

Tony Spilotro by Tony Spilotro
3 months ago
in Ethereum
Reading Time: 3 mins read
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In this episode of NewsBTC’s daily technical analysis videos, we are examining Ethereum due to how boring Bitcoin price action is. Here is an update on the top ranked altcoin.

Take a look at the video below:

VIDEO: Ethereum Price Analysis (ETHUSD): October 19, 2022

In addition to the video highlights listed below the video, we also analyze ETHUSD using the Ichimoku, Bollinger Bands, Moving Averages, and other technical tools.

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Related Reading: Bitcoin Price Action Falls Flat | BTCUSD Analysis October 18, 2022

Top Altcoin Tightens Up Ahead Of Huge Move

If you thought the Bollinger Bands on BTCUSD were tight, check out Ethereum on daily timeframes. This is highly unusual for the volatile altcoin, only happening two times in the past according to Bollinger Band Width. One time was prior to the final plunge during the 2018 bear market, and the second time was right before a breakout from the bottom lows.

Comparing the 2018 bear market with the current price action better aligns with the bullish move, but it is worth preparing for a final move down.

ETHUSD_2022-10-19_17-31-00

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The Bollinger Bands are some of the tightest ever | Source: ETHUSD on TradingView.com

Weekly ETHUSD Signals Could Suggest A Bottom Is In

The weekly Ichimoku gives us a bit more information to compare. During the past bear market, the cloud twisted after the bottom was in. That twist of the cloud takes place next week this time around. 

Coincidentally, the bottom was also already in when the 50 and the 100-week moving average death crossed. This also triggers next week regardless of where Ether goes next. The only problem is that the 200-week moving average is posing as resistance currently at $1,308.

ETHUSD_2022-10-19_17-29-19

Does the cloud forecast that the bottom is in? | Source: ETHUSD on TradingView.com

Related Reading: A Bullish Week In Bitcoin On The Way? BTCUSD Analysis October 17, 2022

Does Ethereum Have One Wave Left?

From a pattern perspective, ETHUSD monthly price action could be holding onto a trend line forming the lower boundary of a massive rising wedge. Adding in potential Elliott Wave labeling, and there is room in the wedge for a wave 5 to materialize.

If not, the wedge pattern could be at risk of breaking down. Down to where? No one really knows.

ETHUSD_2022-10-19_17-28-43

Could Ethereum have one more wave ahead? | Source: ETHUSD on TradingView.com

Learn crypto technical analysis yourself with the NewsBTC Trading Course. Click here to access the free educational program.

Follow @TonySpilotroBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice.

Featured image from iStockPhoto, Charts from TradingView.com
Tags: ETHethereumethusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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