ETH/EUR Analysis: A Bullish Flight Powered by a Harmonic Pattern
The rise of Ethereum: Weekly Technical Analysis
Introduction
In this technical analysis of ETH/EUR on weekly chart (W1), we will highlight a harmonic pattern initiated from the critical support of 1051 EUR. This model predicts a significant move higher, passing through key Fibonacci points, before retracing and moving higher to reach ambitious extension levels.
Summary of Analysis
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Initial Support: The analysis begins on solid support at 1051 EUR.
Initial Uptrend: Price is propelled higher, crossing the Fibonacci levels of 0.382, 0.618, up to 0.886 and 1.
Correction and Rise: Once Fibonacci level 1 is reached, a correction occurs to fill the price.
4.Bounce and Extension Targets: The post-correction bounce targets Fibonacci extension levels 1.272, 1.474, 1.618 and 2.414.
5. Final Objective: The ultimate objective is to reach the next major target of 4198 EUR.
By following this pattern, Ethereum could potentially see significant movements, providing traders and investors with strategic opportunities based on this detailed analysis.
