Technical outlook:
Ethereum, like most risky assets, rallied post FOMC on Wednesday and hit $2,970 before easing off. The crypto has remained shy by only 10 points to take out initial short-term resistance around $2,980. Bulls are now looking poised to remain in control and push through $3,800-4,000 going forward.
Ethereum needs to stay above $2,300 and broadly above $2,140 to keep the bullish structure intact in the near term. The next-in-line resistance is seen at around $2,940 and bulls will remain poised to take out next. The crypto has found support around the Fibonacci 0.618 retracement of the recent upswing between $2,140 and $3,500.
The high probability remains for bulls to be back in control and push prices through $3,800-4,000 going forward. Also, note if bulls are able to push consistently through $4,200, they might challenge $4,850 and print another all-time high before giving in to bears again. Traders might be preparing to initiate fresh long positions from here against $2,300.
Trading plan:
Potential rally through $3,800-4,000 mark against $2,300
Good luck!
