Market & Ticker: Ethereum – ETH/USDC

Date: 23/09/2024

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 2110 and keeps upside potential towards 3100 holding above 2400.

Technical Key Elements:

• RSI indicator confirmed bullish signal
• The Moving average are support
• Fibonacci key resistance area at 3100 and support at 2400
• 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: 2400
• Tactical alternative bearish target: 1790

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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