Technical outlook:
Ethereum climbed through $1,392 during the New York session on Monday before pulling back. The crypto is seen to be trading close to $1,365 at this point in writing and is projected to target up to the $1,800 initial resistance in the near term. Ideally, prices should stay above the $1,279 interim lows to keep the near-term bullish structure intact.
Ethereum has bounced off the Fibonacci 0.618 retracement of the larger-degree upswing/rally between $800 and $2,031 as seen on the 4H chart here. Furthermore, it is also the past resistance-turned-support zone around the $1,270-80 mark that has provided the bounce. The bulls seem to be under control for now and are targeting at least $1,800 to go past initial resistance.
Ethereum's drop between $2,031 and $1,279 has been in three waves and hence corrective. A continued rally from here towards the $1,790-1,800 levels will confirm that the bulls are poised to push above $2,031 before giving in to the bears again. Only a sustained break below $1,250 will delay matters and might bring back the bears to the market.
Trading plan:
Potential rally towards $1,800 against $1,279
Good luck!
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Relevance up to 07:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
