Market & Ticker: Ethereum – ETH/USDT
Date: 13/02/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
Since January 2024 the ETH was in ‘’pause’’ configuration prior to halving in April. Last week the technical elements in place to maintain an extension of the pause have been invalidated with a test of 2680 key resistance – We update the mid-term view from bearish (consolidation in range) to bullish.
As long as 2270 remains a tactical support valid, ETH is expected to progress towards 2890 level before 3200
NB : Strategic support has been updated to 1430
Technical Key Elements:
- RSI indicators break bearish trend line and remains in positive area above 50%
- The Moving average are support and accelerate to the upside
- Fibonacci key resistance area at 2270 and 2890
Trade Idea conclusion: Bullish
• Target 2: 3200
• Target 1: 2890
• Tactical Support: 2270
• Alternative Target: 1960 and 1760
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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