Technical outlook:
Ethereum has been drifting within a tight range between $1,720 and $1,800 in the past three trading sessions. The crypto has tested the $1,700 mark at least three times in the past few trading sessions. Bulls might want to hold prices above the $1,700 mark but even if prices break lower, the downside remains limited and prices should bounce sharply through the initial resistance of$3,000.
Ethereum is unfolding a corrective rally since printing the low of $1,700 earlier. Potential targets to terminate the corrective phase are found at $3,000 and $3,500-3,600 zones. A push beyond $2,050 will accelerate the movement through $3,000 as bulls come back in control again. Only a drop below the $1,700 mark will delay the matter further.
Ethereum has already carved a larger degree downswing between $4,850 and $1,700 as seen on the daily chart. Ideally, prices should produce a corrective rally towards the 0.618 Fibonacci retracement seen through the $3,500-3,600 mark. Bears will be inclined to be back in control thereafter.
Trading plan:
Potential rally through $3,000 and $3,500 against $1,500
Good luck!
