Technical outlook:
Ethereum dropped through the $1,012 low early this week before finding interim support. The crypto is seen to be trading close to the $1075 mark and is expected to resume its rally towards $1,920 initial resistance soon. Bulls are looking poised to hold prices above the $1,000 mark to keep the near term structure intact and constructive.
Ethereum has carved a meaningful downswing between $4,850 and $1,012 levels as seen on the daily chart. Ideally, prices need to retrace the above drop before the next leg lower could resume. Immediate price resistance is seen through the $1,920 mark and a minimum push towards that is expected in the near term.
Ethereum might have terminated its decline around the $1,012 mark and could be preparing to resume its rally. A push above $1,244 will be required to confirm that bulls are back in control and further acceleration towards the $1,920 mark. Aggressive traders might be preparing to initiate fresh long positions against $1,000.
Trading plan:
Preparing to resume higher through $1,920 mark against $1,000
Good luck!
