Ether Trades Above Bearish Forecast’s Downside Range; Sustained Move Above $2,523.20 Would Invalidate Setup

Ether (ETH) traded above a bearish chart forecast’s projected decline zone early Saturday, while the same setup says a sustained move above $2,523.20 would invalidate it. ETH was $2,380.46, down 0.85% over 24 hours, as of 3:21 a.m. ET (07:21 UTC) Saturday, Oct. 24. That put it above the $2,330-$2,350 decline range in an Oct. 23 four-hour Elliott-wave forecast by the EWM Team. The forecast placed ETH/USD near $2,403.20 after a retreat from a peak near $2,523.20. It projected a possible rebound to $2,440-$2,450 before a decline to $2,330-$2,350, without specifying a time frame. The team’s chart marks $2,523.20 as the level above which a sustained move would invalidate its bearish setup. The chart identifies $2,316.35 as the prior wave W low.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to TokenPost.