ETHUSD: Harmonic structure offers fresh long entries!

ETHUSD: Harmonic structure offers fresh long entries!

By examining the daily charts of ETHUSD, we easily can notice that, prices have dropped sharply during the previous period after putting in 413.00 to be a significant short-term peak as seen on the provided chart below.


From a pure harmonic point of view, it seems that, prices have drawn a bullish Bat pattern after placing 133.00 where a good bounce have started.

With that in mind, we believe that ETHUSD is on the way to achieve further upside recovery, supported by the oversold signals appearing on momentum indicators.

Technical objectives of Ethereum long setup reside in the 228.00-230.00 zones where prices meet 38.2% Fibonacci of CD leg.

On the downside, 132.00 should act be the stop loss for bulls.

Next

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

You have to be logged in to comment.