Technical outlook:
Ethereum rose above the $1,115 highs intraday on Thursday after finding support at around $1,040 on Wednesday. The crypto is seen to be trading close to the $1,105 mark at this point in writing and is expected to pull back towards $995 in the next few trading sessions. Bears will be poised to hold prices below the $1,195 mark in the near term.
Ethereum has already carved a larger degree downswing between $4,850 and the $880 lows in the past several weeks. Ideally, prices should retrace the entire drop through at least $2,400 in the next several trading sessions. Also, note that immediate price resistance is seen at $1,920 and a break there will be constructive for bulls going forward.
Ethereum has also carved a recent lower-degree upswing between $880 and $1,195 in the past few trading sessions. Prices are currently working on the above rally and are expected to find support close to $995, which is the Fibonacci 0.618 retracement. Bulls will be poised to resume higher thereafter.
Trading plan:
Potential rally through $1,920 and higher against $850
Good luck!
