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Technical market overview:
The ETH/USD pair has completed the corrective cycle of the wave X at the level of 129.05 despite the anticipation of a deeper move down towards the level of 127.04. Nevertheless, the market has made another impulsive wave up that broke above the technical resistance zone located between the levels of 139.63 - 142.22 and made a new high at the level of 145.09. This wave upwards has been labeled as the wave (1)/(a). Now the market is unfolding the corrective cycle of the wave (2)/(b) and when the correction is completed, another impulsive wave to the upside is expected.
Weekly Pivot Points:
WR3 - $163.07
WR2 - $154.26
WR1 - $146.96
Weekly Pivot - $137.84
WS1 - $131.51
WS2 - $121.49
WS3 - $115.39
Trading recommendations:
All the sell orders should be closed and only the buy orders should be opened during the wave X cycle. Buy stop orders might be placed at the level of $145.20. The nearest target is seen at the level of $152.01.
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