ETH/USDT: Intermediate pause before test of 2170

---- Short-term Analysis for the next coming days - Based on 3H Chart Basis -------

ETH/USDT: Intermediate pause before test of 2170

Context
- The ETH challenged the key tactical resistance (bypass) at 2170 - level to surpassed on the mid-term in order to validate a further bullish potential
- The ETH is expected to merge (13 to 15 sept in paris) - Timing can be aligned with a bullish exit tentative
- The ETH is outperforming BTC and a larger part of the other crypto currencies at the moment


Market configuration
- Graphical Elements :
Graphical support = 1560 / 1425 /1260
Graphical Resistance = 2170 / 1955

- Mathematical Indicators:
EMA ( Exp Moving averages) are tested and support = Bullish / Neutral
RSI indicator (below) is below 50% with a limited room to the downside = Neutral

- Elliot & Harmonic Wave (Fibonacci): Wave (4) in progress


Fibonacci bullish wave target at 1955 before 2170
Fibonacci bullish wave support at 1425 (tactical support)
Fibonacci bearish wave target at 1070 and 1240

Conclusion

Prefered case => As long as 1425 remains support the market is expecting to draw a wave 4 (= intermediate consolidation) before developping a wave 5 to the upside. We consider to buy in this dip to anticipate higher price by september with the ''merge''

Alternative case => Breaking 1425 the tactical support will be invalidated opening the door towards 1240 and 1070, a double bottom at 880 (Strategic support can't be ignored), before any new bullish tentative.