Technical Outlook:
Ethereum seems to be preparing to stage a rally towards $2,850 levels in the next few weeks. Bottom line remains that prices must stay above $1,730 lows, to keep the above bullish structure intact. As seen here, the crypto is still holding above its March 2020 trend line support keeping the uptrend intact.
Ethereum is seen to be trading around $1,940/50 levels at this point in writing and is expected to resume its rally soon. Immediate resistance is seen towards $2,850 mark, while support comes in around $1,730 levels respectively. Bulls might e preparing to break through $2,850 resistance and confirm they are back in control and here to stay.
Ethereum is working on its recent upswing between $1,730 and $2,400 levels since last few trading sessions. The corrective drop might have reached its fibonacci 0.618 retracement around $1,900 levels and is expected to produce a bullish bounce here. If the above structure holds well, Ethereum might rally towards $2,850 at least in the near term.
Trading plan:
Remain long, stop @ 1,600, target @ 2,800
Good luck!
