Let’s take a look at the medium and long-term technical indicators of Ethereum, which is increasing in activity as the Shanghai and Capella updates approach.
First of all, I would like to inform you that my comments here do not contain investment advice and should be evaluated for educational purposes.
When we look at the weekly logarithmic window, we see that region A gives the first signs of a downtrend with the breakout and confirms the downtrend with the breakout of region B. The continuation of the downward impulse wave completed its decline around $ 881, and we see that it got rid of the sharp downward trend and exhibited a horizontal movement in the region of 1050 – 2050 dollars. We know that the structure that contains the most complexity in the 5-wave structure in the Ethereum pre-update technical analysis graph is the 4th wave. For this reason, it is not clear how long this wave will continue in the range I mentioned above, but the possibility of a potential downward 5th wave should not be ignored. On the other hand, if the upward movement in the low time frame reaches wave 2, it will be possible to say that we have moved to the market dominated by buyers again in the big window.
If we look at the main wave patterns in the daily window, the current uptrend is expected to continue until around 2030 – $2475. According to the HARSI indicator, which measures momentum based on Heikin suspension candles, the negative discrepancies that occur, although in the overbought region, are a separate indicator that we are relatively close to the peak in this wave pattern.
To what extent the upcoming update will affect the price or whether it has priced it so far, we will watch and see together in the following period.
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