Technical outlook:
Ethereum marginally slipped through $1,912 intraday on Wednesday since hitting $2,015 early this week. The crypto is seen to be trading at around $1,955 at this point in writing. It is to resume higher soon. Potential short-term targets are towards $2,500 and up to $3,000 respectively. The bottom line is that prices should stay above the $1,700 interim support.
Ethereum is unfolding a corrective standard flat structure since the $1,700 low registered on May 12, 2022. The corrective wave seems to be into its last leg rally towards $2,500 and $3,000 going forward. Also, note that $3,000 is the Fibonacci 0.382 retracement of the earlier drop between $4,850 and $1,700 respectively.
Ethereum is working upon its larger degree downswing between $4,850 and $1,700 for now. The corrective wave has got the potential to terminate at about the $3,500-3,600 zone in the next several trading sessions. Traders might be preparing to hold existing longs and add further positions from here on.
Trading plan:
Potential rally through $3,000 and $3,500 against $1,700
Good luck!
