ETH/USDC - (Neutral) ETH in trading range – waiting for bullish signal to be confirmed at 2650
Market & Ticker: Ethereum – ETH/USDC
Date: 10/09/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
The Ethereum – ETH/USDC remains stuck within a wide descending trading range pattern Since March 2024. The recent macroeconomic statistic in the US is now leaning towards an imminent US rate cut a head of the next FED rate decision expected for 18 September 2024. This is the key macroeconomic factor to engage a new robust upside trend on risky asset class such as crypto market and ETH.
This consolidation is expected to end between Summer 2024 and November 2024 a head of the US Rate cut decision from FED following by US election and new regulation frame in Europe (MICA).
Last week, ETH penetrated 2380 before reaching the bullish trend line a second time - At current price ETH is still evolving within a complex range pattern between 2110 and 2650 a head of the rate cut expected on 18 September2024. We are waiting for a clear upside break of 2650 to reactivate the bullish trend
Technical Key Elements:
- RSI indicator in oversold area
- The Moving average are resitance
- Fibonacci key resistance area at 2650 and support at 2110
- Elliot wave pattern remains unclear with 2 consolidation scenarios (wave 4 or potential wave 2)
Trade Idea conclusion: (Neutral)
- Tactical Bullish target max: 3100
- Tactical Bullish target: 2880
- Tactical Pivot support & resistance: 2110 & 2650
- Tactical alternative bearish target: 1790
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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