ETH/USDT: Crucial support at 880 reached - 1220 to watch

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

ETH/USDT: Crucial support at 880 reached - 1220 to surpass to confirm recovery

Context
The Global Crypto market leads by BTC and ETH is still evolving within a bearish market configuration. ETH reached in Parallel of BTC a crucial yearly support, a bullish reaction must be triggered now with a break above 1220 to lower the downside risk

Previous analysis 11/06/2022 :

Market configuration

- Graphical Elements :
Graphical support = 880/670/290
Graphical Resistance = 1220/2170

- Mathematical Indicators:
EMA ( Exp Moving averages) are resistances and 55 EMA resistance = 1670
RSI indicator (below) is now at an extrem support level

- 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 880
Fibonacci resistance of the wave = 1220
Fibonacci bullish wave target at 1690 / 2170
Fibonacci bearish wave target at 670/290

Conclusion

Prefered case => the market has finally challenged the crucial pivot support of the year at 880, The buying area 1600/1250/880 must hold, a rapid recovery must happen now to avoid further downside risk. As long as 880 remains support in daily close and once 1220 reintegrated we can be confortable with a recovery phase towards 2170 and 2690

Alternative case => Breaking 880 the market gonna go to 670 even 290 and will need time to recover (a bottom base will be necessary before any new reversal)