ETH/USDT: Bullish reversal expected – On buying area

Brian Leclere - 13 June 2022 - APP ETH MARKET_MINDS MEDIUM_TERM

—- Mid-term Analysis for the next coming 4 weeks to 3 months – Based on Daily Chart ——-

ETH/USDT: Bullish reversal expected – On buying area

Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. There is now sign of bearish exhaustion with divergence on Daily RSI indicator + Elliot wave target reache + ETH/BTC ratio on support calling fo new ETH outperformance soon (0,053 to watch)

Previous analysis 27/05/2022 :

ETH/USDT: approaching 1600 area - what's next?

Market configuration

– Graphical Elements :
Graphical support = 1600 / 1250 /880
Graphical Resistance = 2550 / 3145

– Mathematical Indicators:
EMA ( Exp Moving averages) are resistances and 55 EMA resistance = 2030
RSI indicator (below) is now going on divergence on key support = Bullish

– Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (v) (c) (4) is now completed – the market is actually finalizing the wave (v) = end of consolidation – max 1250
Fibonacci resistance of the wave = 2030
Fibonacci bullish wave target at 2550 / 3145
Fibonacci bearish wave target at 880

Conclusion

Prefered case => Despite the negative market mood, the initiator of the recovery are now entering in the market by opening agressive bullish position within the 1600/1250 support area (buying area). As long as 1250 is not penetrated a recovery ( bullish reversal) is expected towards 2030 (level to surpass to confirm the reversal before 2550 and 3145

Alternative case => Breaking 1250 the market gonna go to 880 and will need time to recover (a bottom base will be necessary before any new reversal

Source: Market Minds, by AKT.IO

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