Technical outlook:
Ethereum had managed to rally and push through 253.60 levels on June 02, 2020. Since then, it has been drifting sideways and is seen to be trading around 228.00 levels at this point in writing. The crypto had taken out initial resistance at 253.00 levels as bulls registered themselves. The recent boundary which is being worked upon is between 90.00 and 253.00 levels respectively. Ideally, Ethereum bulls should take a break and the crypto should produce a counter trend drop towards 152/153 levels. Also note that 152.00 is the fibonacci 0.618 retracement of the rally between 90.00 and 253.00 respectively. Hence a bullish bounce remains high probability if prices manage to reach 152/155 levels. Traders might want to sell now with risk above 255, then turn bullish from 152.00 levels going forward.
Trading plan:
Aggressive traders short @ 228, stop @ 255, target @ 152. Then turn bullish.
Good luck!
