ETH Bullish Setup: Pullback to 200_SMA(D) May Launch Next Rally

10 giu

Ethereum(ETHUSDT) seems to have finally managed to break the Resistance lines and the 200_SMA(Daily) in the fifth attack. However, the number of Resistance lines inside the Heavy Resistance zone($2,929_$2,652) is high, and Ethereum will find it difficult to break through them.

In terms of Elliott Wave theory, it seems that Ethereum is completing microwave 4, and we should wait for this wave to complete. Microwave 4 could act as a pullback to the resistance lines and 200_SMA(Daily).

I expect Ethereum to start rising from the Support zone($2,745_$2,650) again and rise to at least the Potential Reversal Zone(PRZ)[$2,910_$2,810].

Note: If Ethereum touches $2,537[Worst Stop Loss(SL)], we can expect further declines.

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Ethereum Analyze (ETHUSDT), 1-hour time frame.

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11 giu

Trade attivo

Trade was activated after ETH Pullback to Resistance line(broken)

11 giu

Trade chiuso: obiettivo raggiunto

Target Done