ETH invalidated the direct rise calling for pause before upside confirmation

ETH MARKET_MINDS BULLISH

Market & Ticker: Ethereum – ETH/USDT 

 

Date: 18/08/2023 
 

Horizon / Timing:  Tactical Mid-term / 1 to 3 months 
 
 

Scenario:  

 

ETH failed to accelerate to 2380 the last two weeks before penetrating the lower part of the bullish channel at 1780. 
 
At the current level a neutrality zone has been established between 1360 and 1840 to wait for a new bullish set up to be provided by the price action. The 1360/1520 key support area remains strong on a mid-term perspective, we gonna wait for an exhaustion of the current bearish momentum and see how the market is reacting in the next days above this support. In other words, a trading range (pause) is likely between 1360 and 1840, only a clear break above 1840 would provide a new bullish signal. The short-term trader can take advantage of the 1360/1520 area to anticipate the bullish signal and open bullish positions. 

 

Technical Key Elements: 

 

- Bullish channel invalidated at 1780 
- RSI indicator is bearish and still shows downside potential 
- The Moving average are anow resistance 
- Fibonacci key support is adjusted at 1360 while the key resistance is adjusted at 1840 

 
Trade Idea conclusion:  Neutral - Range 

 

Target 1: 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) 

 

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