Market & Ticker: Ethereum – ETH/USDC

Date: 06/08/2024

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

Scenario:

The Ethereum (ETH) remains stuck within a consolidation pattern Since March 2024. The recent macroeconomic statistic in the US calling for a risk of recession and geopolitical tension raising in Middle east associated to the actual selling pressure on crypto market are maintaining ETH in a consolidation pattern with mixed trend following technical elements.

This consolidation is expected to end between Summer 2024 and November 2024 a head of the US election and new regulation frame in Europe (MICA).

At current price we are focus on 2680 key resistance and 2100 Key support to define a neutrality area. Only those levels broken in daily close would confirm a new clear directional.

Technical Key Elements:

• RSI indicator is negative in oversold area – No divergence
• The Moving average are crossing to the downside below 3000
• Fibonacci key resistance area at 2680 and support at 2100
• Elliot wave pattern is jeopardized with 2 consolidation scenarios (wave 4 or potential wave 2)

Trade Idea conclusion: Neutral

• Tactical Bullish target: 3420
• Tactical confirmation resistance 2680
• Tactical confirmation support: 2100
• Tactical bearish target: 1790

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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