Bottom line: Ethereum bullish outlook remains intact while prices stay above 133.50 levels.
Technical Analysis:
Ethereum bulls have managed to hold prices above 133.50 lows print on November 25, 2019 and carved a potential lower degree wave 1 and 2 at 158.85 and 140.00 levels respectively. If the above short term structure holds true (wave counts not labelled), we should witness a sharp rally towards 200 levels, while prices stay above 133.58, as Wave 3 of (3) unfolds. A minimum projection for Wave 3 termination is around 189/190 levels but 200 should be taken out a Ethereum completes its lower degree impulse wave. The line in sand for bulls to remain in control is that prices should stay above 133.58, going forward. As discussed earlier, the medium to long term structure remains intact and constructive for bulls. The rally between 83 and 363.00 was a clear impulse, labelled as Wave (1); which was followed by a corrective drop A-B-C towards 133.58, labelled as Wave (2) here. If the above discussed structure holds well, Wave (3) has already underway and should target above 350 easily. The timeframe expected for this rally to unfold towards 350 could be the next 12 to 18 months. We shall be following short term wave counts as price action unfolds accordingly over the next few months. Hence, a high probable trading direction from here is expected to be on the north side, against 133, with potential price targets above 350 respectively. Immediate price resistance is seen at 200 levels, and a break above that would confirm that bulls are back with firm control. Watch out for a 3rd of 3rd wave rally push towards the above levels, and is expected to resume around current price 145 levels. Immediate price support is at 129.00 levels, and would be safe to keep stops below that.
Prepared by
Harsh Japee, Technical Analyst
Ethereum Chart
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