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Hello fellow traders, today let us talk about ETHUSD classic, and its intra-day development, and where we think the price can go, rise to.

A three-wave recovery can be in play on the ETHUSD classic, with sideways, and slow price action from the 6.4 area being part of a wave b/ii correction in a double zig-zag (w-x-y) manner. We can see that the double zig-zag pullback found a base near the 5.300 area, from where the price started recovering. This recovery can be an early sign of a completed wave b/ii correction, and that a five-wave move for a wave c or iii can be underway. In such a case, the market will see a break above the 6.35 area, and towards the 7.35/7.6 region in upcoming days or weeks.   Also, be aware of temporary setbacks during the upcoming recovery within wave c/iii, and keep in mind that we would like to see a break above the 7.35 region for a bullish confirmation, which would also suggest wave iii to be in play, rather than wave c.  

Invalidation level. for the cryptocurrency is at 5.005 level.

Trade well,

The EW-Forecast team

ETHUSD Classic, 4h