Technical outlook:
Ethereum has broken above $1,910 on Monday at the time of writing after finding support at last week's low of $1,735. The crypto is potentially headed to $3,000 and up to $3,500 in the next few trading sessions. Bulls will remain poised to hold above the $1,735 mark to keep the near-term structure intact.
Ethereum is unfolding a corrective wave since the $1,700 low registered in May 2022. It is trying to rise higher to $1,735 as bulls have regained control. If the price rises to $2,015, it may reach the next resistance level at around $3,000. The Fibonacci extension is also converging at the same level as projected on the chart.
Ethereum is working on a larger degree downswing between $4,850 and $1,700. The Fibonacci 0.618 retracement is seen through the $3,500-3,600 zone, which remains the next potential upside target. Traders might be preparing to hold long positions and add further on dips until the price stays above $1,700.
Trading plan:
Potential rally toward $3,500-3,600 mark against $1,700
Good luck!
