ETH/USDT: Bullish reversal must be confirmed - 2170 to watch

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

ETH/USDT: Bullish reversal must be confirmed - 2170 to watch

Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend - BTC remains in underperformance versus ETH.
- We are watching at 2170 to bypassed to extend the bullish recovery in progress
- Waiting the Merge on ETH 2170 remains a strong resistance / target where the short-term trader have to consider as taking profit level to re-enter in a dip (wave iv)

Previous analysis 11/08/2022 :

Market configuration

- Graphical Elements :
Graphical support = 1425 / 1070 /880
Graphical Resistance = 2170 & 2690

- Mathematical Indicators:
EMA (Exp Moving averages) are support at 1570 = Bullish/Neutral
RSI indicator (below) is now above 50% with room to the upside = Bullish

- Elliot & Harmonic Wave (Fibonacci):
A last drop to draw the wave (v) (c) (4) is now completed - the market is now bouncing off in recovery
Fibonacci resistance of the wave = 2170
Fibonacci bullish wave target at 2170 before 2690
Fibonacci bullish wave support at 1425
Fibonacci bearish wave target at 1070 and 1240

Conclusion

Prefered case => As long as 1425 remains support a larger recovery towards 2170 is expected with strong conviction, only a break above 2170 will open a direct recovery potential towards 2690 and 3250

Alternative case => Breaking 1425 a new bearish attack towards 1240 and 1070 will occur

Trade closed manually:

Caution 1425 is now updated to 1465 - update iq coming soon today

Downside Risk is high