Technical outlook:
Ethereum climbed above $1,175 intraday on Tuesday as the potential still remains to push through $1,250 immediately. The price action has been in line with earlier projections as bulls nearly confirm a meaningful bottom in place around $880. Prices now need to stay above the $850 interim support to keep the bullish structure intact.
Ethereum has already carved a meaningful downswing between $4,850 and $880 as seen on the daily chart. Ideally, the entire drop now needs to be retraced before the next downswing could resume. Immediate price resistance is seen around the $1,920 mark, which should be the initial target for bulls.
Ethereum can potentially rally up to $2,400 and $3,200 going forward. Please note that the above targets are the Fibonacci 0.382 and 0.618 retracements of the entire downswing and hence potential resistance zones. With the lower degree boundary in place between $880 and $1,175, most traders would prepare to hold long positions.
Trading plan:
Potential rally through $2,400 and up to $3,250 against $800
Good luck!
