Ethereum - 8 November 2022
Link to guidance notes for Hurst cycles terminology: FLD, VTL, Translation, Diamonds, Circles/Whiskers...
Analysis: the preferred view is that ETH finds support at the 20 day cycle trough, due roughly now and just lower in price, and then rallies into the 40 day cycle peak by the third week of November.
A new 80 day cycle likely kicked off on 13 October and is only 26 days along so far. The average wavelength of this cycle in the dataset is 92 days, so its phase is only 28% and its status should be Up. Additionally, the July low is confirmed as that of a 40 week cycle trough and this cycle's phase is only 43%. Its status is also Up and technically it is acting as a longer term tailwind. Broadly speaking then, there is a bid in the market, which should dampen downswings and favour upswings.
The down cross of the 20 day FLD (see guidance notes) in the current session generates a downside target of 1,429 (some 40 points lower). A traditional technical analysis trend line is also intersected here and the top of the September-October base is just below 1,400 and is a likely support ledge.
If price stabilises and then advances, then the next aiming point is the 40 day cycle peak due above 1,600 around 24 November.
