Market & Ticker: Ethereum – ETH/USDT
Date: 02/10/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
ETH maintains a capacity to hold above the key support at 1520 during the summer. The resistance at 1840 is still active, however all the statistical technical elements are oriented to the upside calling for a possible Bull Run start.
At the current level, the 1580 key support area remains strong on a mid-term perspective, while RSI and Moving averages are now active on the bullish side. As long as 1580 Remains a daily support active a further direct bullish move is expected to 2050 which is the resistance to watch on the long term to clearly confirming the end of the bear market. And opening 2380/2650
In alternative a failure below 1840 in the coming days/weeks will increase the risk to penetrate 1580 before opening 1360 max 1190 before engaging a clear bull run scenario.
Technical Key Elements:
- RSI indicator is bullish above 50%
- The Moving average are now support
- Fibonacci key support is adjusted at 1580 while the key resistance is adjusted at 1840
Trade Idea conclusion: Neutral - Range
 | | Medium |
Target 1: 2050
Confirmation level at 1840
Buy swing: add in dip area 1520
Stop: 1360
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
