Technical outlook:
Ethereum continued to slide through the $1,755-60 zone on Friday, looking to find support. The crypto is trading at around $1,765 at this point in writing and is expected to turn higher from here soon. Bulls are looking poised to hold prices above the $1,700 mark and push through $3,000 in the near term. Watch out for a bullish reversal against $1,700.
Ethereum is still unfolding its counter-trend rally from the $1,700 lows registered in May. Within the corrective phase, the crypto might be into the last leg higher towards $3,000 and up to the $3,500-3,600 zone going forward. Immediate resistance is seen at $2,015 while interim support comes at around $1,700 respectively.
Ethereum has also carved a lower degree upswing within its last leg rally between $1,705 and $2,015, which is being retraced now. If correct, prices should stay above $1,705 and resume higher through $3,000 in the near term. The potential remains for a push through $3,500 which is close to the Fibonacci 0.618 retracement of the larger degree downswing.
Trading plan:
Potential rally through $3,000 and $3,500 against $1,700
Good luck!
