(Invalidated) ETH/USDC - ETH is evolving in trading range with an upside swing expected towards 3650 and Max 4090

Market & Ticker: Ethereum – ETH/USDC

Date: 30/07/2024

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

Scenario:

The Ethereum (ETH) remains stuck within a wide trading range pattern Since March 2024. The recent ETH ETF acceptation by the regulator hasn’t been enough to counter a significant BTC supply exchanged by some whales such as German Government since last weeks which are adding pressure globally on crypto market forming a consolidation pattern on ETH with mixed trend following technical elements.

This consolidation is expected to end between Summer 2024 and November 2024 a head of the US election and new regulation frame in Europe (MICA).

The technical picture is bullish for the coming week with a key support area set at 2980 acting as the lower part of the trading range while the recovery swing move in progress keep a potential towards 3650 and maximum 4090 (upper part of the trading range pattern).

We do not see a direct break of 4090 for now before the Third quarter of the year starting in September 2024

Technical Key Elements:

• RSI indicator is neutral
• The Moving average are neutral flattening around 3330 (Range)
• Fibonacci key resistance area at 3650 and support at 2980
• Elliot wave pattern is calling for a range in wave (4) - Consolidation

Trade Idea conclusion: Trading range (Swing)

• Tactical target: 4840
• Tactical confirmation level: 4090
• Tactical confiramtion support: 2980
• Tactical alternative target: 2740 and 2490

Chart: Daily Basis (Candle Stick) - Logarithmic 

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

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