Technical outlook:
Ethereum had dropped through $2,940 mark on Thursday before finding some support. The crypto is moving in line with the projections of finding intraday support around $2,940-60 mark. Bulls are looking poised to remain in control from ere as prices are trading ack above $3015 mark at this point in writing.
Ethereum had carved a lower degree upswing between $2,880 and $3,180 levels early this week. The same has been now retraced through $2,940 mark, which is close to the Fibonacci 0.618 level of the above rally. If the structure holds well, prices will resume its rally towards $3,800-4,000 mark in the next few trading sessions.
Ethereum had earlier csrved a meaningful larger degree downswing between $4,850 and $2,140 levels respectively. The crypto is carving a corrective rally since $2,140 lows and is into its last leg higher towards $3,800 at least. Bears will remain inclined to be back in control thereafter and drag prices below $2,140 in the next several weeks.
Trading plan:
Potential rally through $3,800 against $ 2,100
Good luck!
