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

Tony "The Bull" Severino

2 years ago

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.

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.

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.

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

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.

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

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Featured image from iStockPhoto, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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