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Ethereum Completes 38.2% Retracement – Bullish Harmonic Rolling

What’s up, Crypto traders!

The cryptocurrencies have sunk dramatically, with Bitcoin falling more than 50% from its all-time high, as well as Ethereum. Whether you are a leveraged or equity trader, it looks this may be a great opportunity for a buy.

ETH/USD – Bullish Harmonic Pattern

On the 4 – hour chart below, we can see that Ethereum has begun its exit from the oversold zone. The RSI has crossed above the 50, a mid-level defining the trend of the pair. Because the prices are still below 50 – periods EMA, it is not a bullish reversal, but rather a retracement.

ETH/USD - 240 - Mins Chart

ETH/USD – 240 – Mins Chart

As you can see, the Fibonacci indicator is supporting the Crypto pair at $915.The pair is likely to face resistance at $1,073 (50% Fibo level) and $1,145 (61.8% Fibo level).

Support     Resistance 
890             1047
732             1144
636             1204
Key Trading Level:    950

ETH/USD – Trade Idea

Investors are advised to remain bullish only above $930, with a target of $1,044 and $1,074. The break above these levels may give us further room for buying until $1,145 is reached. Good luck!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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