Technical outlook:
Ethereum has raised through $3,100 levels early hours on Tuesday after carving a higher low around $2,880 early this week. The crypto should be ready to resume its rally towards $3,800-4,000 zone in the next several trading sessions. Bulls need to hold prices above $2,880 at least to keep the immediate bullish structure intact.
Ethereum has found support around fibonacci 0.50 retracement of the recent upswing between $2,300 and $3,500 levels. High probability remains for a turn from here and push through $3,800 mark at least. The corrective phase, which had begun since $2,100 lows is probably into the last leg higher and is expected to reach the $3,800-4,000 zone.
Ethereum had earlier carved a meaningful downswing between $4,850 and $2,100 levels respectively. The same is being retraced for now and high probability remains for a push through $3,800-4,000 zone. Also note that $3,800-4,000 zone is fibonacci 0.618 retracement of the above downswing. Probability for a bearish reversal remains high if prices push through the above zone.
Trading plan:
Potential rally through $3,800-4,000 against $2,100
Good luck!
