Technical outlook:
Ethereum rose through the $1,717 intraday highs intraday on Friday before pulling back. The crypto is just a few points away from its initial resistance at $1,722 as marked on the 4H chart here. The crypto is seen to be trading close to $1,700 at this point in writing and is expected to pull back towards $1,600 at least before resuming its rally.
Ethereum seems to have carved a larger-degree downswing between $2,031 and $1,423 in the past few weeks. It is currently progressing in a counter-trend rally and is expected to find resistance close to the $1,750-$1,800 area. Also, note that $1,800 is the Fibonacci 0.618 retracement of the above drop. Hence, it is likely to offer strong resistance.
Ethereum has already carved the first and second waves within the proposed corrective rally, which began from $1,423 earlier. The last wave is unfolding since the $1,489 lows early this week and might extend through $1,750 before finding resistance. The overall structure continues to remain bearish until prices stay below $2,031.
Trading plan:
The potential target hit close to $1,720. ETH is still trading flat for now. Prepare to sell.
Good luck!
