Technical outlook:
Ethereum climbed through $2,020 intraday on Wednesday before reversing lower. The crypto is seen to be trading at around $1,950 at this point in writing as prices continue to consolidate within a triangle. Bulls need to clearly break above the $2,150-60 zone to accelerate further through $3,000 and up to $3,500.
Ethereum is within a corrective phase higher since testing one-year-old support at $1,700 on May 12, 2022. The first wave within the corrective rally terminated close to $2,165. Since then, prices have been consolidating. It is quite possible for prices to drop through $1,875, which is the Fibonacci 0.618 retracement of the above upswing, before resuming higher again.
Ethereum has already carved its larger degree downswing between $4,850 and $1,700 earlier. Bulls are now working upon the above downswing and are looking poised to push through $3,000 and the $3,500-3,600 zone to complete the corrective rally. Also note that $3,500 is close to the Fibonacci 0.618 retracement of the earlier downswing, which is a potential reversal zone.
Trading plan:
Potential rally through $3,500 against $1,700
Good luck!
