Technical outlook:
Ethereum is inching higher after carving a higher low around $2,765 early this week. The crypto is seen to be trading around $2,930 levels at this point in writing and is expected to continue higher towards $3,800-4,000 levels in the next several trading sessions. Bottomline is the recent swing low at $2,765 level for the above structure to remain intact.
Ethereum has found support around the Fibonacci 0.618 retracement of the recent upswing between $2,140 and $3,500 levels respectively. The corrective drop, which had begun from $3,500 mark seems to be complete at $2,766 and bulls are now looking poised to be back in control. If the above structure holds well, prices should resume its rally soon.
Ethereum is facing immediate resistance around $3,040, followed by $3,180. While interim support is around $2,460 and $2,300 levels respectively. A break above $3,040 will confirm that a meaningful low is now in place and that bulls are back in control. Only a consistent break below $2,300 mark will delay matters further.
Trading plan:
Potential rally through $3,800-4,000 mark against $2,140.
Good luck!
