Market & Ticker: Ethereum – ETH/USDT
Date: 07/02/2024
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.
NB: We do prefer a direct bearish move below 2480 this week
Technical Key Elements:
- RSI indicator is mixed / neutral
- The Moving average are Flat/mixed
- Fibonacci key resistance area at 2480 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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