ETH has been ranging in a skeptic range since long, in an overall bearish trend. With that, we are now sitting at the support level from where, there is a massive chance for the market to shoot up. If market breaks this support, there is a further chance for another down turn in the markets. That being said, lets see what the market does.

The descending trendline is on the verge of being broken out for buy. If broken out, we will have confirmations for the buy. 

The retracement area of 75% stands in confluence with the support level. This level if respected, will move the market up towards the bullish momentum.

The EMA 50 is bearish and in a down trend. We can expect our profit target to tap the EMA 50 as a retest. 

RSI is at 37, which is short of 12 points going into the over sold region. We will wait for the bullish divergence being formed at the over sold area and then continue taking our long positions.

Ethereum looking for longs

Oct 15 2022