Technical outlook:
Ethereum dropped through the $880 lows over the weekend continuing its bearish move after a triangle breakout since the $1,920 highs. The drop from $1,920 looks complete as the crypto has pulled back swiftly and is seen to be trading at around $1,130 at this point in writing. Bulls are now looking poised to hold prices above $880 to remain in control.
Ethereum seems to have carved a meaningful larger degree downswing between $4,850 and the $880 lows. The crypto has shrunk almost 50% in value in the last few trading sessions since $1,920. Ideally, it should unfold a corrective rally back towards the $1,900-2,300 zone at least to ease off immediate short selling.
Ethereum is facing strong resistance at around $1,920. We are watching triangle termination, which needs to be taken out to confirm that bulls are back in control. Immediate short-term targets are pointing towards the $1,225-50 zone to confirm a lower degree upswing. Potential medium-term targets are towards $2,450 and $3,350.
Trading plan:
Aggressive: Potential rally towards $1,900 and $2,450 against $800
Good luck!
