ETH/USDT : Bullish reversal underway 2170 to watch

Brian Leclere - 11 August 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 underway – 2170 to watch

Context
– The Global Crypto market leads by BTC and ETH reversed a new bullish trend – BTC remains in underperformance versus ETH.
– We are watching at 2170 to bypassed to extend the bullish recovery in progress
– Waiting the MErge on ETH 2170 remains a strong resistance / target where the short-term trader have to consider as taking profit level to re-enter in a dip (wave iv)

Market configuration

– Graphical Elements :
Graphical support = 1425 / 1070 /880
Graphical Resistance = 2170 & 2690

– Mathematical Indicators:
EMA ( Exp Moving averages) are support at 1680 = Bullish
RSI indicator (below) is now above 50% with room to the upside = BUllish

– Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (v) (c) (4) is now completed – the market is now bouncing off in recovery
Fibonacci resistance of the wave = 2170
Fibonacci bullish wave target at 2170 before 2690
Fibonacci bullish wave support at 1425
Fibonacci bearish wave target at 1070 and 880

Conclusion

Prefered case => As long as 1425 remains support a larger recovery towards 2170 is expected with strong conviction, only a break above 2170 will open a direct recovery potential towards 2690 and 3250

Alternative case => Breaking 1425 a new bearish attack towards 1070 and 880 will occur

Source: Rhhszyhs ETH USDT Bullish reversal underway 2170 to watch

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