Market & Ticker: Ethereum – ETH/USDT
Date: 02/11/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
ETH maintains a capacity to hold above the key support at 1520 during the summer. The resistance at 1840 is not anymore active and the RSI is anticipating the breakout of the current consolidation on going (red flag)
At the current level, the 1640 key support area remains strong on a mid-term perspective, while RSI and Moving averages are now active on the bullish side. As long as 1640 Remains a daily support active a further direct bullish move is expected to 2020 which is the resistance to watch on the long term to clearly confirming the end of the bear market. And opening 2380/2650
In alternative a failure below 1840 in the coming days/weeks will increase the risk to test 1610 before before engaging a clear bull run scenario.
Technical Key Elements:
- Consolidation pattern (red channel) still active
- RSI indicator above the former bearish trend line - no divergence
- The Moving average are now support (Golden cross)
- Fibonacci key support is adjusted at 1640 while the key resistance is adjusted at 2020 to confirm a bullish acceleration to 2380
Trade Idea conclusion: Neutral - Range
Target 2: 2380
Target 1: 2020
Buy swing: add in dip area 1780/1830
Stop: 1640
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
