ETHUSDT Analysis by @pipsnipers

The analyst presents a technical analysis of ETHUSD. It identifies a bottom around April 8th following a five-wave move, aligning with the 78.6% Fibonacci retracement level from June 2022 low to March 2024 high. The analysis suggests an impulsive upward move post-bottom. A distribution structure is noted, preventing breakouts, with an upthrust after distribution implying market maker activity. The analysis anticipates a potential drop to $2027, but the analyst's personal bias suggest for an equal low where the RSI would be below 30, as bullish divergence on the daily RSI would confirm wave two of Elliott Wave, which would continue to the 1.618 Fib extension at around $5786. A move back to $2745 or above the 200-day MA would invalidate this bearish scenario.