---- 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
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