AI Analytics #3
given moment 2/2 correct answers!
Using Elliott wave theory to analyze the ETHUSDT chart image, I can make the following observations:
1. **Trend and current price**:
- The chart shows a significant decline in price from the high of **(4,098)** to the low of **(3,056.17)**, followed by an upward correction.
- The current price is **(3,534.91)**.
2. **Wave analysis**:
- Assuming that the previous price decline was a fifth Elliott wave, then the current upward move could be the start of a new wave cycle or corrective wave A.
3. **Possible scenarios**:
- If this is corrective wave A, then the price may rise to a resistance level, which may be near the previous high **(4.098)**.
- Wave A may be followed by wave B, which will bring the price down a bit, before wave C pushes the price higher again.
*Conclusion*:
In my opinion, the chart is most likely to show a further rally to the resistance near *(4.098)* before a possible downward correction takes place. However, more information needs to be taken into account for more accurate forecasting, including general market conditions, news and other technical indicators.
