Technical outlook:
Ethereum has rallied close to $3,000 mark as expected before pulling back. The crypto is trading close to $2,900 mark at this point in writing and needs to push above $3,070 at least, to confirm a breakout. If prices reverse from here, it can find near term support around $2,600 mark as bulls remain poised to be back in control.
Ethereum has been consolidating since $3,300 mark and bulls need to push through $3,100 to confirm a breakout. If a potential triangle is unfolding since $3,300 mark, there is one more leg lower before turning. Potential remains for a push through $3,800-4,000 zone before bears are back in control. Ideally prices should stay above $2,450 to keep bullish structure intact.
Ethereum seems to be working on its downswing between $4,850 and $2,100 levels. The crypto is in a counter trend rally towards $3,800-4,000 mark, which is the Fibonacci 0.618 retracement of the above drop. Bears would be poised to come back in control thereafter. On the flip side, if prices break below $2,400 it could drag further to $1,700 support.
Trading plan:
Potential raly through $3,800-4,000 against $2,100
Good luck!
