ETH/USDT: Bullish set up above 1075

---- Short-term Analysis for the next coming days - Hourly Chart (LOG)-------

ETH/USDT: Bullish set up above 1075

Context
- The ETH reversed up above yearly key support at 880 before drawing a reversal structure opeing a significant bullish potential at 1620/1670
- The reversal triggered a first bullish signal reaching 1220 this week end, we are now focusing on 1370 to reintegrate to lower the dowside risk


Market configuration

- Graphical Elements :
Graphical Resistance = 1370 & 1620
Graphical Support = 1075 & 880

- Mathematical Indicators:
EMA ( Exp Moving averages) are supporting the market around 1184 with golden cross = bullish
RSI indicator (below) is positive area with no divergence = bullish

- Elliot & Harmonic Wave (Fibonacci):
Fibonacci Target (2) has been already reached = 1075
Fibonacci resistance of the wave in progress = 1370
Fibonacci support of the wave = 1075
Fibonacci Bullish Target = 1620


Conclusion

Preferred case => Regarding the short-term element we are considering any dip as an opportunity to test 1370 and anticipate the breakout towards 1620/1670 as long as 1075 remains a key support for the coming days
Alternative case => Breaking 1075 a new test of 880 will be confirmed.

Transakcja zakończona: osiągnięto poziom stop:

Support 1075 penetrated - turn neutral

new update coming soon