ETH/USDC - (Support Reached) ETH is evolving in trading range with no clear direction
Market & Ticker: Ethereum – ETH/USDC
Date: 24/06/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
Despite the recent SEC approbation for ETF, ETH remains stuck within a wide trading range pattern without providing a clear directional for the coming weeks.
The technical picture is neutral with a key support area between 2740 and 3060 acting as the lower part of the trading range while 3700 and 4090 are acting as the upper part of the trading range pattern.
Technical Key Elements:
- RSI indicator is negative below 50%
- The Moving average are neutral flattening around 3400
- Fibonacci key resistance area at 4090 and support at 2740
Trade Idea conclusion: Neutral
- Tactical target 2: 4090
- Tactical target 1: 3700
- Tactical Support 1: 3060
- Tactical Support 2: 2740
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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