Ethereum Charts Are Still Indicating A Long-awaited Bullish Reversal

Nubank Announced The Introduction Of Nucoin's Own Cryptocurrency
Exchange Rates 22.09.2022 analysis

Technical outlook:

Ethereum dropped through $1,220 during the New York session on Wednesday. Most risky assets were under pressure after the Fed raised an interest rate by 75 bps to tame inflation. Fundamentals might affect a short-term price action but technically, charts are still indicating a long-awaited bullish reversal to resume from here.

Ethereum has completed three waves between $2,031 and $1,220 as seen on the 4H chart here. The above drop seems corrective and is bouncing off the Fibonacci 0.618 retracement of the early rally between $800 and $2,031 as seen on the 4H chart here. If the above structure holds well, the bulls will be back in control soon.

Also, note that the RSI has produced a bullish divergence as prices dropped to a fresh swing low at $1,220. A combination of a bullish divergence, the past resistance-turned-support zone and the Fibonacci 0.618 bounce offers a highly probable set-up. A push above $1,412 will confirm a meaningful low in place and the bulls are back in control.

Trading idea:

Potential rally through $1,800 against $900

Good luck!

Relevance up to 07:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Read more:

Nubank Announced The Introduction Of Nucoin's Own Cryptocurrency

InstaForex Analysis

Instant Trading EU Ltd. is the CFD broker operating under the brand, regulated by CySec with license number 266/15.

Besides CySEC, Instant Trading EU Ltd. is also supervised by the Czech National Bank (CNB), the Slovak National Bank (SNB), and the Polish Financial Supervision Authority (KNF). has branches in the Czech Republic, Slovakia, and Poland, where it provides support in local languages. is a member of the Investor Compensation Fund (I.C.F) which is an additional security for the client's funds. offers access to around 2,500 instruments (Stocks CFDs, ETFs, IPOs, Indices, Commodities, Forex, Cryptocurrencies, US Synthetic Stocks) and the MT4 and MT5 platforms,trading accounts in EUR, USD, PLN, CZK, GBP.

More information at:

Follow on:

Twitter Facebook YouTube


Risk Warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.95% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.