Market & Ticker: Ethereum – ETH/USDT
Date: 26/02/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
Since our last analysis ETH benefits from an outperformance versus BTC a head of the ETH:ETF approbation by the SEC in US reaching and surpassing 2890 tactical target. This helped ETH to progress quickly towards the tactical target at 3200 set since summer 2023. Even if ETH is close to the target the technical element shows more potential towards 3380 at least.
As long as 2660 remains a tactical support valid, ETH is expected to progress towards 3200 and 3380 before 3950
NB : ETH will still benefit from an outperformance phase versus BTC in the coming weeks
Technical Key Elements:
- Bullish channel in progress
- RSI indicators is in positive area
- The Moving average are support and accelerate to the upside
- Fibonacci key resistance area at 2270 and 2890
Trade Idea conclusion: Bullish
• Target 2: 3380
• Target 1: 3200
• Tactical Support: 2660
• Alternative Target: 2200 and 1890
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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