Technical outlook:
Ethereum rose through the $1,654 intraday high on Thursday before pulling back sharply through $1,580. The crypto is again gaining ground. It is seen to be trading close to $1,595 at this point in writing. A push above $1,654 will open the door for a further advance as the bulls target the $1,800-10 zone in the next few trading sessions.
Ethereum has already carved a meaningful larger-degree downswing between $2,031 and $1,423 as seen on the 4H chart. Furthermore, the counter-trend rally remained just shy of the Fibonacci 0.618 retracement seen around the $1,800-10 zone. The possibility remains for yet another attempt to test the $1,800 handle and also up to $1,900 before giving in to the bears.
Ethereum might turn bullish from the current price action until $1,423 and $1,480 interim supports are in place. Prices have retraced from $1,790 through $1,560 in a corrective way and have found support around the Fibonacci 0.618 retracement of the previous rally between $1,480 and $1,790. A push above $1,675 will potentially confirm a test of the $1,800 handle.
Trading plan:
A potential rally back towards $1,800-10 against $1,423
Good luck!
