Market & Ticker: Ethereum – ETH/USDC

Date: 09/07/2024

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

Scenario:

The Ethereum (ETH) remains stuck within a wide trading range pattern Since March 2024. The recent ETH ETF acceptation by the regulator hasn’t been enough to counter a significant BTC supply exchanged by some whales such as German Government since last weeks which are adding pressure globally on crypto market forming a consolidation pattern on ETH 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).

The technical picture is bullish for the coming week with a key support area between 2490 and 2740 acting as the lower part of the trading range while 3220 is acting as a confirmation level to open the recovery swing move towards 3650 and maximum 4090 (upper part of the trading range pattern).

Technical Key Elements:

• RSI indicator is in oversold area without divergence
• The Moving average are neutral flattening around 3220 (Range)
• Fibonacci key resistance area at 3650 and support at 2740
• Elliot wave pattern is calling for a range in wave (4) - Consolidation

Trade Idea conclusion: Bullish Recovery

• Tactical target: 3650
• Tactical confirmation level: 3220
• Tactical Pivot support: 2490 / 2740
• Tactical alternative target: 1985 (= Strategic support)

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

Disclaimer: The content of this analysis should not be considered as a study, an investment advice or a recommendation concerning products, strategies or a particular investment opportunity. This content is strictly for illustrative, educational or informational purposes and is subject to change. Investors should not base their investment decision on the content of this site and are strongly recommended to seek independent financial advice for any investment they are considering.