Technical outlook:
Ethereum dropped close to $1,250 intraday on Wednesday before finding some support. The crypto bounced through the $1,305-10 zone thereafter and is seen to be easing off a bit towards $1,290 at this point in writing.The bulls might be inclined to push through the $1,540-50 levels at least before giving in to the bears again. Also, note that the backside of the support trend line would offer resistance at around $1,550.
Ethereum earlier dropped through $1,220 after reversing from $2,031 seen on the 4H chart here. The possibility still remains for a strong rally to carry prices above the $2,031 resistance in the next several trading sessions. The bulls need to break above the $1,800 initial resistance to confirm a further upside thereafter.
Ethereum is seen to be working on its recent bearish swing between $1,800 and $1,220. The potential resistance zone is seen towards $1,550 which is the Fibonacci 0.618 retracement of the above drop (not shown here). Only a break above $1,670-1700 will confirm that the bulls are back in control.
Trading idea:
Potential rally through $1,550 at least against $1,000
Good luck!
Relevance up to 13:00 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.
