Technical outlook:
Ethereum dropped to its near-term support range of around $1,270-80 over the weekend post-NFPs on Friday. The crypto has been drifting sideways since September 21, after hitting $1,220 as seen on the 4H chart here. It needs to break its trading range between $1,270 and $1,380 to decide on its next big move. A break higher will open the door to test the $1,580-1,600 area again before finding resistance.
Ethereum has been dropping since it hit the $2,031 high in August. Immediate price resistance is now seen around the $1,790-1,800 zone and the bulls need to break higher to confirm further upside. If successful, prices might re-test $2,031 and even push higher towards the $2,100-2,200 zone before giving in to the bears again. On the flip side, a break below $1,200 will see yet another low close to $1,000.
Ethereum is currently working on a recent downswing between $1,790-1,800 and $1,220. The Fibonacci 0.618 retracement of the above drop is seen passing through $1,580 on the chart presented here. A break above $1,380 would push the price through $1,580 rapidly before finding resistance again. We shall update when price action confirms the same.
Trading idea:
Potential rally through $1,580 against $1,150
Good luck!
