ETHUSD double bottom and break of trend line + Bullish engulfing
ETHUSD
Around 309.00 area price got rejected twice and formed a Double bottom and bounced back from this level
Currently the price is above .236 Fibonacci retracement level. In 4 hour timeframe we are expecting a bullish engulfing candle. And its also reached a price action level and previous lows may turn support for the bear
Series of Higher high Higher low and Higher high was forming which is a bullish sign. In Elliot wave principal the 2nd wave is completed and the 3rd way is underway. We are expecting this 3rd wave will end at .50 Fibonacci retracement level and resistance zone and a key psychological 400.00 level
.50 Fibonacci is coordinated with the Lower high of Previous lower side impulse wave. And this level will act as resistance for the bull. If this level broken then the next target would be 450.00 which is a .786 Fibonacci level and swing area
The 50,100,200 Exponential moving average is acting as resistance for ethereum. RSI managed to move above 50 mark
If the USD will remain weaken we can expect this crypto will visit the 2020 high level which is around 490.00. On downside 310.00 will remain act as a major resistance level
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Around 309.00 area price got rejected twice and formed a Double bottom and bounced back from this level
Currently the price is above .236 Fibonacci retracement level. In 4 hour timeframe we are expecting a bullish engulfing candle. And its also reached a price action level and previous lows may turn support for the bear
Series of Higher high Higher low and Higher high was forming which is a bullish sign. In Elliot wave principal the 2nd wave is completed and the 3rd way is underway. We are expecting this 3rd wave will end at .50 Fibonacci retracement level and resistance zone and a key psychological 400.00 level
.50 Fibonacci is coordinated with the Lower high of Previous lower side impulse wave. And this level will act as resistance for the bull. If this level broken then the next target would be 450.00 which is a .786 Fibonacci level and swing area
The 50,100,200 Exponential moving average is acting as resistance for ethereum. RSI managed to move above 50 mark
If the USD will remain weaken we can expect this crypto will visit the 2020 high level which is around 490.00. On downside 310.00 will remain act as a major resistance level
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
