{"id":418972,"date":"2020-03-23T17:00:14","date_gmt":"2020-03-23T17:00:14","guid":{"rendered":"https:\/\/uniquehot.com\/?p=418972"},"modified":"2020-03-23T14:53:44","modified_gmt":"2020-03-23T14:53:44","slug":"50-is-final-target-for-ethereum-correction-according-to-elliott-wave-theory","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/50-is-final-target-for-ethereum-correction-according-to-elliott-wave-theory\/","title":{"rendered":"$50 Is Final Target For Ethereum Correction According To Elliott Wave Theory"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a> led the cryptocurrency market to enormous gains early in 2020 fresh on the heels of a booming DeFi industry, but concerns surrounding the coronavirus stopped the rally dead in its tracks.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Since then, Ethereum has been falling, looking to establish a bottom and from there, a recovery. But before it does so, Elliott Wave Theory points to the asset crashing to as low as $50 before a final low is set.<\/span><\/p>\n<h2>Early 2020 Rally Turns Into Deep Collapse To Possible New Lows<\/h2>\n<p class=\"p1\"><span class=\"s1\">With the stock market in collapse, precious metals failing as a safe haven, and <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> falling to extreme lows, Ethereum has taken a bit of a back seat in the cryptocurrency market.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/02\/24\/ethereum-record-weekly-green-candle-bullish\/\">Ethereum Sets Record for Most Bullish String of Weekly Price Action Yet\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">At the start of the year, <a href=\"https:\/\/uniquehot.com\/2020\/02\/24\/ethereum-record-weekly-green-candle-bullish\/\">Ethereum went on a powerful over 100% rally<\/a>, doubling in value. The massive increase in Ethereum locked up in decentralized finance applications was skyrocketing, and the growing demand caused the price to follow.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">But then events transpiring across the globe knocked the wind out of the asset, causing it to erase all 2020 gains and put the number two cryptocurrency by market cap at risk of setting a new bear market low.<\/span><\/p>\n<h2>Final Ethereum Bottom Target Could Reach as Low as $50 Per ETH<\/h2>\n<p class=\"p1\"><span class=\"s1\">The current low rests at $80, but according to one crypto trader utilizing Elliott Wave Theory as part of their technical analysis, believes that the most prominent altcoin in the crypto market is in a <a href=\"https:\/\/elliottwave-forecast.com\/elliottwave\/difference-wxy-abc-structure\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">massive WXY correction<\/a>, and is about to finish \u201cwave A of Y.\u201d<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Wave A would be the start of a smaller ABC correction, taking the asset\u2019s price higher than current levels, only to be rejected back down to the ultimate low for the bear market.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24eth&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$eth<\/a> update:<\/p>\n<p>I believe <a href=\"https:\/\/twitter.com\/hashtag\/ethereum?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#ethereum<\/a> is in a wxy correction and just about to finish wave A of Y.<\/p>\n<p>imo wave B will take a long time to develop after which my bottom target lies between $40 and $59.<\/p>\n<p>~$50 <a href=\"https:\/\/twitter.com\/hashtag\/eth?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#eth<\/a> sounds unbelievable, but that&#39;s my bottom target nonetheless<a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#crypto<\/a> <a href=\"https:\/\/t.co\/W7NLn4mk5U\" rel=\"nofollow\">pic.twitter.com\/W7NLn4mk5U<\/a><\/p>\n<p>&mdash; Cryptotoad (@Mesawine1) <a href=\"https:\/\/twitter.com\/Mesawine1\/status\/30307072?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 22, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">As for the target of this low, the analyst and Elliott Wave Theory put the target for Ethereum at $50 or possibly even lower.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Elliott Wave Theory is based on investors&#8217; emotions and natural human impulses. Because cryptocurrencies are a speculative asset, this theory is especially effective in charting cryptocurrency assets like Ethereum, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a>, and others.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A drop to $50 would take Ethereum prices back to before May 2017, prior to the ICO boom, and Bitcoin\u2019s meteoric rise.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/uniquehot.com\/2020\/03\/10\/investor-ethereum-is-poised-to-replace-wall-streets-archaic-back-end\/\">Investor: Ethereum Is Poised To Replace Wall Street\u2019s Archaic Back End<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Although it would be as if the astronomic rise of crypto assets never even happened, buying at such low prices could generate life-changing wealth even if the assets only ever return to their former all-time highs.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/ethereum\" rel=\"nofollow\">Ethereum<\/a> and the rest of the crypto market are still extremely young in terms of financial assets and have long to go to reach their full potential. Even if the assets do go to such lows, counting them out completely would be a foolish decision.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum led the cryptocurrency market to enormous gains early in 2020 fresh on the heels of a booming DeFi industry, but concerns surrounding the coronavirus stopped the rally dead in its tracks. Since then, Ethereum has been falling, looking to establish a bottom and from there, a recovery. But before it does so, Elliott Wave Theory points to the asset crashing to as low as $50 before a final low is set. Early 2020 Rally Turns Into Deep Collapse To Possible New Lows With the stock market in collapse, precious metals failing as a safe haven, and Bitcoin falling to extreme lows, Ethereum has taken a bit of a back seat in the cryptocurrency market. Related Reading | Ethereum Sets Record for Most Bullish String of Weekly Price Action Yet\u00a0 At the start of the year, Ethereum went on a powerful over 100% rally, doubling in value. The massive increase in Ethereum locked up in decentralized finance applications was skyrocketing, and the growing demand caused the price to follow. But then events transpiring across the globe knocked the wind out of the asset, causing it to erase all 2020 gains and put the number two cryptocurrency by market cap at risk of setting a new bear market low. Final Ethereum Bottom Target Could Reach as Low as $50 Per ETH The current low rests at $80, but according to one crypto trader utilizing Elliott Wave Theory as part of their technical analysis, believes that the most prominent altcoin in the crypto market is in a massive WXY correction, and is about to finish \u201cwave A of Y.\u201d Wave A would be the start of a smaller ABC correction, taking the asset\u2019s price higher than current levels, only to be rejected back down to the ultimate low for the bear market. $eth update: I believe #ethereum is in a wxy correction and just about to finish wave A of Y. imo wave B will take a long time to develop after which my bottom target lies between $40 and $59. ~$50 #eth sounds unbelievable, but that&#39;s my bottom target nonetheless#crypto pic.twitter.com\/W7NLn4mk5U &mdash; Cryptotoad (@Mesawine1) March 22, 2020 As for the target of this low, the analyst and Elliott Wave Theory put the target for Ethereum at $50 or possibly even lower. Elliott Wave Theory is based on investors&#8217; emotions and natural human impulses. Because cryptocurrencies are a speculative asset, this theory is especially effective in charting cryptocurrency assets like Ethereum, Bitcoin, and others. A drop to $50 would take Ethereum prices back to before May 2017, prior to the ICO boom, and Bitcoin\u2019s meteoric rise. Related Reading | Investor: Ethereum Is Poised To Replace Wall Street\u2019s Archaic Back End Although it would be as if the astronomic rise of crypto assets never even happened, buying at such low prices could generate life-changing wealth even if the assets only ever return to their former all-time highs. Ethereum and the rest of the crypto market are still extremely young in terms of financial assets and have long to go to reach their full potential. Even if the assets do go to such lows, counting them out completely would be a foolish decision.<\/p>\n","protected":false},"author":517,"featured_media":418975,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,13625],"tags":[428,6664,54512,58757,1946],"class_list":["post-418972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-ethereum","tag-bitcoin","tag-crypto","tag-defi","tag-elliott-wave-theory","tag-ethereum"],"acf":[],"yoast_head":"\n<title>$50 Is Final Target For Ethereum Correction According To Elliott Wave Theory<\/title>\n<meta name=\"description\" content=\"Ethereum led the cryptocurrency market to enormous gains early in 2020 fresh on the heels of a booming DeFi industry, but concerns surrounding the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/uniquehot.com\/news\/50-is-final-target-for-ethereum-correction-according-to-elliott-wave-theory\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$50 Is Final Target For Ethereum Correction According To Elliott Wave Theory\" \/>\n<meta property=\"og:description\" content=\"Ethereum led the cryptocurrency market to enormous gains early in 2020 fresh on the heels of a booming DeFi industry, but concerns surrounding the\" \/>\n<meta property=\"og:url\" content=\"https:\/\/uniquehot.com\/news\/50-is-final-target-for-ethereum-correction-according-to-elliott-wave-theory\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2020-03-23T17:00:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-03-23T14:53:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/03\/ethereum-price-target-shutterstock_320549678-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1690\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tony &quot;El Toro&quot; 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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\u2019s 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\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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\u2019s 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. 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