ETH/USDT: Turn neutral => 1465 and 1800 (Downside risk active)

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

ETH/USDT: Turn neutral between 1465 and 1800 (Downside risk active - caution)

Context
- The Global Crypto market leads by BTC and ETH reversed a new bullish trend this summer - however the market is now challenging the capacity to go higher with the test of 1465.
- The global macro remains bearish (Crypto + Stocks market) leads by hawkish ton from central bank and a further inflation risk context
- The Merge was a success but will not allow the network to perform till the sharding update is completed

Previous analysis 09/09/2022 :

Market configuration

- Graphical Elements :
Graphical support = 1465 / 1240 /880
Graphical Resistance = 2170 & 1800

- Mathematical Indicators:
EMA ( Exp Moving averages) are resistance = bearish
RSI indicator (below) is now below 50% with new bearish signal = Bearish (No divergence)

- 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 = 1800
Fibonacci bullish wave target at 2170 before 2690
Fibonacci bullish wave support at 1465
Fibonacci bearish wave target at 1240 and 1070

Conclusion

Combining the fondamental situation (Global macro fighting against inflation with hawkish ton from FED) + Technical Element , it now hard to find element to call for a further recovery, it is better to protect the gains from the summer and wait for clearer situation

Neutral = We turn neutral between 1465 and 1800, breaking 1465 the market will go directly to 1240 before any possibility of new recovery, we will update the chart once the elements are more precise.

Trade active:

B<earish move triggered to 1240 max 1070 for now