ETH/USDT: Bullish reversal expected - On buying area

---- Mid-term Analysis for the next coming 4 weeks to 3 months - Based on Daily Chart -------

ETH/USDT: Bullish reversal expected - On buying area

Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. There is now sign of bearish exhaustion with divergence on Daily RSI indicator + Elliot wave target reache + ETH/BTC ratio on support calling fo new ETH outperformance soon (0,053 to watch)

Previous analysis 27/05/2022 :

Market configuration

- Graphical Elements :
Graphical support = 1600 / 1250 /880
Graphical Resistance = 2550 / 3145

- Mathematical Indicators:
EMA ( Exp Moving averages) are resistances and 55 EMA resistance = 2030
RSI indicator (below) is now going on divergence on key support = Bullish

- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (v) (c) (4) is now completed - the market is actually finalizing the wave (v) = end of consolidation - max 1250
Fibonacci resistance of the wave = 2030
Fibonacci bullish wave target at 2550 / 3145
Fibonacci bearish wave target at 880

Conclusion

Prefered case => Despite the negative market mood, the initiator of the recovery are now entering in the market by opening agressive bullish position within the 1600/1250 support area (buying area). As long as 1250 is not penetrated a recovery (bullish reversal) is expected towards 2030 (level to surpass to confirm the reversal before 2550 and 3145

Alternative case => Breaking 1250 the market gonna go to 880 and will need time to recover (a bottom base will be necessary before any new reversal

Trade active:

Testing Support at 1250 - waiting for a daily close to invalidate or not the level

Trade closed: stop reached:

1250 key support has been penetrated.

Further downside move is now more probablbe to 880 area ith a BTC going to test 18800 and SNP500 3500 in parallel.

We gonna wait the the FED announcement before any buying opportunity, an extrem reached today on the Powell Speach (880 ETH, 18800 BTC for exemple) will offer a good entry level to play a bounce (intermediate recovery)

A further elements are necessary to understand if the market has the capacity to recover from there or if we gonna see a real crash

Trade closed: target reached:

Alternative Target at 880 reached = 18800/17900 area BTC

New analysis will be published