ETH Bullish Setup: Pullback to 200_SMA(D) May Launch Next Rally Ethereum ( BINANCE:ETHUSDT ) seems to have finally managed to break the Resistance lines and the 200_SMA(Daily) in the fifth attack . However, the number of Resistance lines inside the Heavy Resistance zone($2,929_$2,652) is high, and Ethereum will find it difficult to break through them.
In terms of Elliott Wave theory , it seems that Ethereum is completing microwave 4 , and we should wait for this wave to complete. Microwave 4 could act as a pullback to the resistance lines and 200_SMA(Daily) .
I expect Ethereum to start rising from the Support zone($2,745_$2,650) again and rise to at least the Potential Reversal Zone(PRZ) .
Note: If Ethereum touches $2,537 , we can expect further declines.
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Ethereum Analyze (ETHUSDT), 1-hour time frame.
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