Market & Ticker: Ethereum – ETH/USDT
Date: 02/11/2023
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The configuration of ETH is not as clear as BTC (ETH underperformance) with an active divergence on RSI and complex reading of the Elliot wave still progressing between two type of movement meaning that only 2380 and 2650 can be identified as potential targets for now. Holding above 1920 ETH is expected to progress to 2380 and 2650 within a ‘’last push up’ before a probable consolidation phase. We will monitor the market to follow the capacity of ETH to close at least on a daily chart basis above 2650 to lower the risk of an intermediate consolidation.
In alternative a failure below 1920 in the coming days/weeks will increase the risk to test 1780 before max 1490 before a new significant bullish move.
Technical Key Elements:
- Exit from Consolidation pattern (orange channel) confirmed with 2380 as potential
- RSI indicator above the former bearish trend line – however a divergence is active
- The Moving average are now support (Golden cross)
- Fibonacci key support is adjusted at 1920 while the key resistance is adjusted at 2320 and 2650
Trade Idea conclusion: Neutral - Range
• Target 2: 2650 • Target 1: 2380 • Buy swing: add in dip area 2220 • Stop: 1920
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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