Technical outlook:
Ethereum slipped through fresh swing lows through the $28,80 mark on Monday. The crypto is seen pulling back, trading close to $2,915 at this point in writing. The overall structure still remains bullish as long as prices stay above the $2,300 mark. The bulls will remain poised to stay in control.
Ethereum continues to unfold its complex corrective structure since the $2,100 low. The first phase of correction had terminated close to $3,500 and the second phase might have bottomed out below $2,900. If the above structure holds well, the crypto is setting up for an extended rally through $3,800-4,000 in the next few trading sessions.
Ethereum is also finding some support at the Fibonacci 0.50 retracement of the recent upswing between $2,300 and $3,500, respectively. Furthermore, a past resistance turned support is also seen close to $2,900. Looking at the above convergence, a high probability remains for a continued rally from here.
Trading plan:
Potential rally through $3,800-4,000 against $2,100
Good luck!
