Ethereum/USD has established an extensive bullish movement since July 19. Since then, Crypto market has been quite bullish on Ethereum with new DAIlY highs being hit every now and then.
Around the price level of 3333, a new high for Ethereum was established. Since then, a sideway consolidative movement has been expressed below 3333 down to 2950.
In the meanwhile, an ascending bullish channel has been expressed. For three successive trials, Ethereum has failed to push below the lower limit of the depicted channel.
This indicates lack of bearish persistence rendering the short-term outlook as bullish.
On the other hand, Ethereum has invaded the price level of 3333 which got breached to the upside with significant bullish price action.
That's why, this bullish movement was expected to pursue towards the price level of 3600 and 4000 which needed to be visited before further trading decisions could be taken.
Around the price levels of 4000, Ethereum looks quite overbought while testing the upper limit of the depicted bullish channel. Hence, counter-trend traders were advised to wait for a downside pullback towards 3333 then 3188.
Trading Plan:
The current price zone of 3200 - 3185 stands as a prominent DEMAND-Zone to offer BULLISH pressure on Ethereum. Any signs of bullish rejection should be considered as a valid BUY Signal. T/p level to be projected towards 3333 and 3550.
