Technical outlook:
Ethereum pushes through the $2,900-3,000 mark on Tuesday, in line with what was projected on Monday. The crypto has yet again moved in tandem with the wave structure to complete a Gartley. Ideally, prices should stay below the $3,300 mark and reverse sharply lower towards the $2,600 level in the next few trading sessions.
Ethereum is producing a counter trend (lower toward $2,600) within the counter-trend (higher towards the $4000 mark). Please note that $2,600 is close to the Fibonacci0.618 retracement of the recent upswing between $2,100 and $3,300 levels respectively. A high probability bullish reversal can be expected if the price reaches there in the near term.
The overall structure in Ethereum might be depicting a bearish outlook in the medium term. The crypto is expected to rally through the $3,800-4,000 mark from current levels and then reverse lower dragging below the $2,100 mark. Note that the $3,800-4,000 zone is the projected Right Shoulder within a Head and Shoulder reversal pattern.
Trading plan:
Potential drop to $2,600 then rally toward $3,800-4,000 against $2,100.
Good luck!
