ETH/USDC - ETH in trading range between 2330 and 2880, however a recovery could start soon towards 3100

ETH

MARKET_MINDS

BULLISH

Market & Ticker: Ethereum – ETH/USDC

Date: 28/10/2024

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 but remains below 50%
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)

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.