Market & Ticker: Ethereum – ETH/USDC

Date: 19/11/2024

Horizon / Timing:  Tactical Mid-term / 1 to 3 months

Scenario:

The Ethereum – ETH/USDC exited a wide descending trading range pattern Since March 2024 opening the next long-term potential towards 4840. The recent US result election combining with strong macroeconomic statistic in the US will increase the US rate cut pace with a FED rate decision expected 4% in 2025.

We are now entering in a new cycle where the highest risk asset class will benefit from money flow from low-risk asset class pushing the trend of the US stocks market and Ethereum higher.

Last week, ETH held above support reaching almost 3500 target 3. A further recovery is expected towards 3500 and 3740 as long as 2820 remains a key support.

NB: ETH remains in under-performance versus BTC

Technical Key Elements:

• RSI indicator at resistance but no divergence
• The Moving average area support
• Fibonacci key resistance area at 3740 and support at 2820
• Elliot wave pattern is bullish with wave iii in progress

Trade Idea conclusion: (buy)

• Tactical Bullish target max: 3740
• Tactical target: 3500
• Tactical Pivot support: 2820
• Tactical alternative bearish target: 2320

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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