ETH/USDC - (Bullish) ETH is progressing towards 3740 – Support adjusted at 2820

BULLISH

MARKET_MINDS

ETH

Market & Ticker: Ethereum – ETH/USDC

Date: 19/11/2024

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

Scenario:

The Ethereum – ETH/USDC exited a wide descending trading range pattern Since March 2024 opening the next long-term potential towards 4840. The recent US result election combining with strong macroeconomic statistic in the US will increase the US rate cut pace with a FED rate decision expected 4% in 2025.

We are now entering in a new cycle where the highest risk asset class will benefit from money flow from low-risk asset class pushing the trend of the US stocks market and Ethereum higher.

Last week, ETH held above support reaching almost 3500 target 3. A further recovery is expected towards 3500 and 3740 as long as 2820 remains a key support.

NB: ETH remains in under-performance versus BTC

Technical Key Elements:

RSI indicator at resistance but no divergence
The Moving average area support
Fibonacci key resistance area at 3740 and support at 2820
Elliot wave pattern is bullish with wave iii in progress

Trade Idea conclusion: (buy)

Tactical Bullish target max: 3740
Tactical target: 3500
Tactical Pivot support: 2820
Tactical alternative bearish target: 2320

Chart: Daily Basis (Candle Stick) - Logarithmic

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

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