ETH/USDT Under pressure in consolidation below 2680

ETH BULLISH MARKET_MINDS

Market & Ticker: Ethereum – ETH/USDT

Date: 28/01/2024

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

Scenario:

The configuration of ETH is still showing a risk of pause before the long-term bullish move expected in 2024. We will monitor the movements in the next day's keeping in mind that a test of 2085/1900 area is more likely before engaging the next upside trend expected in the longer run.

We do prefer a direct bearish move below 2430 this week

Technical Key Elements:

  • RSI indicator is now under 50% area

  • The Moving average are mixed

  • Fibonacci key resistance area at 2430 and 2680

Trade Idea conclusion: Bearish

Alternative Target 1: 3250 Tactical resistance: 2680 = 50100 BTC Target 1: 2085 Target 2: 1900 – max 1760

Chart: Daily Basis (Candle Stick) - Logarithmic

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

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