Market & Ticker: Ethereum – ETH/USDC

Date: 22/10/2024

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 a further US rate cut a head of the next FED rate decision expected for December 2024 (- 0,5%. This is the key macroeconomic factor to engage a new robust upside trend on risky asset class such as crypto market and ETH.

Last week, ETH held above 2330 within a range configuration. A new recovery is expected towards 2880 and 3100 as long as 2330 remains a key support.

NB: ETH remains is underperforming BTC for the time being without any reversal trend signal at current level.

Technical Key Elements:

• RSI indicator confirmed bullish signal
• The Moving average are challenged
• Fibonacci key resistance area at 2880 and support at 2330
• Elliot wave pattern remains unclear, a confirmation is necessary to activate a bullish wave 5

Trade Idea conclusion: (buy)

• Tactical Bullish target max: 3100/3500
• Tactical target: 2880
• Tactical Pivot support: 2330
• Tactical alternative bearish target: 2080

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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