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. The EWM Team said a sustained move below that level would provide stronger confirmation of its bearish interpretation.

The Oct. 18 Ether analysis focused on a $2,360-$2,440 range and resistance around $2,450-$2,470. The Oct. 23 forecast gives no timing for its projected moves.