Ethereal (ETH/USDT) : About to validate 70% upside move !

Ethereal (ETH/USDT) : About to validate 70% upside move !

Context



The Ethereum, as many other correlated crypto assets, is showing more and more positive elements after having developed a bearish reaction (auto-similar move - blue arrows) during the last past week. This Auto-similar move (a)=(c) is really healthy in a natural directional trend cycle, even if it looks huge.

Indeed if we are comparing the historical data from BTC with ETH, this bearish reaction is completing a significant wave (4) on long cycle started 12 years ago…
We gonna start a new impulsion wave in 2022 with a significant potential 6400 is a standard level where it will make sense to hedge the portfolio - in case of extension the next level are at 25 000 (In case of large crypto adoption - easy regulation - and launch of ETH V2)

Now what is interesting to focus on is the capacity to the market to bypass 3190 (Upside confirmation level) to lower the risk of a new bearish attack and allow the ETH to keep a bullish momentum above the moving average in order to replicate the same behavior pattern as the situation highlight the last summer 2021 (green rectangle)

Key level to watch




- 2760 key Fibonacci level + overlap
- 3190 Key upside confirmation level to surpassed to confirm the bullish acceleration
- 3780 Intermediate target for short-term traders

- 5260/6400 standard Fibonacci level to anticipate the target of the follower wave 3 and 5 (5) V



Key Elements to watch



- Auto-similar move completed in January (Double blue Arrow) = Bullish

- EMA (Exp Moving average) acting now as support (same config as 2021) + Golden cross 21/34 = Bullish

- RSI bounced off 40 support before re-integrating the 50% area (potential and No divergence) = Bullish
- Elliot wave account calling for wave 3 - Follower wave = Bullish

3190 key Fibonacci (short-term auto-similar move) resistance = Bearish



Tactical View (3 to 12 weeks)



Strong Buy set up about to be confirmed by surpassing 3190.
As long as 2760 remains supports buy the market now or in dips and reinforce the position after having surpassed 3190 to plays a significant upside potential towards 3780 before 5260/6400 = New Time High

Check the last analysis ETH/BTC also => ETH outperformance is expected on the same time frame

Enjoy my friend

Trade active:

3190 upside confirmation level surpassed opening the door to 3780 one way !

Sky rocket move ongoing

Comment:

View still valid - Key holder support area (2760 - max excess 2340)

Trade closed: stop reached:

update : the alternative case is in progress

2340 // 33700 BTC towatch has next target - for now the global macro (geopolitical as well) is calling for further risk off mode on risk asset such as SNP500 BTC ETH ... to early to be agressive and raise the exposure on risk asset regarding the global downside potential validated yesterday.