Technical outlook:
Ethereum might have resumed its rally toward $3,600 and up to $4,000 mark as discussed on Tuesday. The crypto is seen to be trading higher around 4,373-50 zone at the time of writing and is expected to continue higher in the next few trading sessions. A push above $3,300 mark will accelerate through $3,600 mark.
Ethereum is into its counter trend rally since $2,100 lows. The corrective usually unfolds into three waves out of which two are already complete around $3,300 and $2,300 levels respectively. If the above structure holds well, bulls will remain poised to hold prices above $2,300 and continue higher in the next few trading sessions.
Ethereum could be retracing its larger downswing between $4,850 and $2,100 levels as seen on the daily chart here. If the above is correct, the crypto might reach fibonacci 0.618 level around $3,800-4,000 mark before finding resistance again. Bears will remain poised to be back in control thereafter.
Trading plan:
Potential rally through $4,000 against $2,100
Good luck!
