Technical outlook:
Ethereum climbed through $1,900 highs during the European session on Monday. The crypto had collapsed through the $1,700 lows over the last week before bulls took control again. The counter-trend rally is now expected to gather pace and push through $3,000 and the $3,500-36,00 zone in the next several trading sessions, before terminating.
Ethereum is most likely into its last leg higher towards $3,000 within the proposed corrective phase, which began since the $1,700 swing lows around May 12. The flat corrective structure is into its final leg as the potential remains up to $3,500, which is the Fibonacci 0.618 retracement of the larger degree downswing between $4,850 and $1,700.
Ethereum's rally is expected to get into traction above $2,165 as bulls take out intermediary resistance. The next resistance is seen close to $3,000, followed by $3,500; while interim support is at $1,700 levels respectively. A larger degree Head-and-Shoulder reversal could be in the making as bulls are carving the Right Shoulder going forward.
Trading plan:
Potential rally through $3,000 and $3,500 against $1,700
Good luck!
