Technical outlook:
Ethereum dropped below the $1,300 handle during the early hours on Monday before finding interim support around $1,280. The crypto has also found some support around the past resistance zone near $1,250-70 as marked on the 4H chart here. Prices are trading back above $1,300 and the price action signals that the crypto could revive a rally from here.
Ethereum seems to have completed a larger-degree corrective drop which had begun since the $2,031 high. The above drop is still corrective in nature and the price could revitalize a rally towards $1,800 or higher from here. Immediate price support is seen at $1,000. Until that holds well, we can expect a rally from the current levels.
Ethereum has also dropped to the Fibonacci 0.618 retracement support of the entire rally between $800 and $2,031 which is seen around $1,300. If a bullish reversal signal appears on the chart here, a high probability remains for yet another push higher towards the $1800 resistance. Also, note that prices could push above $2,031 as well before turning lower again.
Trading plan:
Potential rally towards $1,800 against $1,000
Good luck!
