Market & Ticker: Ethereum – ETH/USDC

Date: 30/09/2024

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 (- 0,5% as expected). 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 held above 2400 without accelerating to the upside. The configuration is mixed this week between 2430 and 2880 calling for trading range before US election.

Technical Key Elements:

• RSI indicator confirmed bullish signal
• The Moving average are resistance
• Fibonacci key resistance area at 2880 and support at 2430
• Elliot wave pattern remains unclear with 2 consolidation scenarios (wave 4 or potential wave 2)

Trade Idea conclusion: (Neutral)

• Tactical Bullish target max: 3100/3500
• Tactical Pivot resistance: 2880
• Tactical Pivot support: 2430
• Tactical alternative bearish target: 2080

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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