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Chart of the week – Ethereum (ETH/USD) impulsive up move remains intact

Chart of the week – Ethereum (ETH/USD) 

Impulsive up move remains intact

Short-term technical analysis

Time stamped: 15 Aug 2021 at 1:00pm SGT (click to enlarge chart)

Source: CMC Markets

  • After a tumble of close to -60% from its 4,377 current all-time high printed on 12 May to a low of 1,700 on 22 June, Ethereum (ETH/USD) has formed a potential medium-term basing formation from its recent swing lows of 22 June and 20 July which suggests it is in the process of evolving into another potential multi-month impulsive up move sequence that may see a fresh all-time high.
  • Since its 20 July low, the price actions of ETH/USD have evolved within an ascending channel with the lower boundary of the ascending channel now acting as a support at 2,860 which confluences with the former significant range resistance from 19 May to 7 June.
  • The 4-hour Relative Strength Index (RSI) has remained in a bullish configuration above its significant corresponding support at the 45% level which indicates that short to medium-term upside momentum is likely to be intact.
  • Watch the 2,860 key short-term pivotal support for a further potential up move to target the next immediate resistance at 3,570 in the first step (upper boundary of the ascending channel, swing high areas of 17 May/18 May & a cluster of Fibonacci expansion levels).
  • On the other hand, a 4-hour close below 2,860 negates the bullish tone for a deeper setback to retest the 2,380 key medium-term pivotal support which is also close to the 61.8% Fibonacci retracement of the on-going medium-term impulsive up move from 20 July low to the week of 9 August high).

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