Ethereum – ETH/USDC - (Bullish) ETH reached 3740 – and confirm further direct bullish move to 4840 !
Traduction faite par Deepl pro
Market & Ticker: Ethereum – ETH/USDC
Date: 05/12/2024
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.
This week ETH held above its support before surpassing 3740 target. A further recovery is expected towards 4180 before 4840 as long as 3300 remains a key support.
NB: ETH remains in under-performance versus BTC however ETH is about to confirm a reversal signal soon !
Technical Key Elements:
- Trend line surpassed at 3740
- RSI indicator at resistance but no divergence
- The Moving average area support
- Fibonacci key resistance area at 4180 and support at 3300
- Elliot wave pattern is bullish with wave (v) in progress
Trade Idea conclusion: (buy)
Tactical Bullish target max: 4840
Tactical target: 4180
Tactical Pivot support: 3300
Tactical alternative bearish target: 2990
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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