### Ethereum today shows a price with an engulfing daily candle. Could Ethereum continue to rise? Today we will see if etheruem could still reach $ 520 dollars or if it will continue to correct the price?

![Captura de pantalla 2020-09-24 a las 4.42.44 p.m..png](https://cdn.steemitimages.com/DQmQBDR53eRitY6Xd5ci7VLLwhLTDmcmzwP2Z3mk3DCR7Ts/Captura%20de%20pantalla%202020-09-24%20a%20las%204.42.44%20p.m..png) ### Let's see

#### The price of ethereum seems to have found a support days ago at 310 dollars and has started a new upward cycle forming a double bottom > I have drawn several uptrend lines on the chart, to take into account #### Today the price generates a bullish engulfing candle that if it closes at these values, it would be a bullish indicator Elliot wave analysis ### Analysis according to Elliot

> I have updated the elliot waves considering that Ethereum continues its bullish cycle, completing a wave 4 of 5 elliot waves of the main cycle of 5 elliot waves Analyzing the graph, we can say that we are starting on a wave 5 of 5 main waves of elliot.

### Elliot Subwaves

We can identify a new cycle 5 subwaves of elliot as we see in the graph Analyzing the chart we can define a bullish sub momentum. We see the beginning of a bullish momentum, that if we analyze with elliot sub waves we could identify the first 2 waves fulfilled and project the remaining waves of elliot In subwave 1 the price reached $ 360 dollars and 2 corrected the price to approximately $ 315 dollars and today we are seeing an upward momentum that could reach approximately $ 450 dollars in wave 3. > As we see today, we are starting, the upward momentum of a wave 3 and then wait for the correction of a wave 4. How is the objective determined? > If we measure the height of the first secondary wave and its correction to the second wave, we can project a target with the Fibonacci extension for waves 3 and 5 If we apply Fibonacci extensions, we can define a possible objective of wave 5, it could take the price up to $ 520 dollars approx. If you go back more than $ 300, cancel this elliot analysis ### Bullish

1. Target: between $ 235 and $ 245 approximately. (compliment) 2. Target: range from $ 270 to $ 280 approx. (compliment) 3. Target: range from $ 310 to $ 320 approx. (compliment) 4. Target: range from $ 350 to $ 360 approx. (compliment) 5. Target: range from $ 440 to $ 450 approx. ### Other possibility ![Captura de pantalla 2020-09-24 a las 4.48.25 p.m..png](https://cdn.steemitimages.com/DQmR6GULjRAX2ptFgkcg8ChZ6QCBxb4NhqTnpnb3E7TTQ3Y/Captura%20de%20pantalla%202020-09-24%20a%20las%204.48.25%20p.m..png) > We must always consider the downside possibilities. We can consider that wave 4 of the main count is not forming. It could be forming an elliot ABC cycle, where A would be fulfilled and we are seeing a bullish retracement to form B. It will depend as far as B goes, to be able to project the C wave. Bearish

1. Target: between $ 250 and $ 230 approximately for a possible wave C #### What you think?

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