Ethereum – ETH/USDC - (Bullish) ETH reached 3740 – and confirm further direct bullish move to 4840 !

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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