Bottom line: Ethereum bullish structure remains intact with prices trading much higher above 116.72 lows. Watch out for a break above 200.00 mark from here.
Technical Analysis:
Ethereum bulls remain firmly in control as it hits the 186.75 mark and approaching 200.00 resistance as next target. We can expect a meaningful corrective drop after bulls take out 200.00 mark, before resuming the next rally. Looking at the short to medium term wave counts since 116.72 lows print on December 18, 2019 Ethereum looks close to complete its lower degree Wave 1 around the 200.00 mark. The sub waves I, ii, iii and iv terminated at 135.13, 126.36, 178.97 and 155.76 respectively. At the moment wave v is underway and could reach the 200.00 mark before Wave 1 terminates. Those who initiated aggressive longs earlier should prepare to exit close to 200.00 levels and wait for a corrective drop to materialize. Conservative traders should see the correction as an opportunity to build long positions with protective stop loss at 116.72 and projected target above 360.00 mark. Please also note that the corrective drop post 200.00 levels have got potential to drop towards 155.00 levels at least. The larger degree wave counts are also encouraging to the above short term structure described. Ethereum has produced a classic 5-3 pattern at a higher degree and ideally should unfold into another 5 waves towards the major trend, which is up. The rally from 83.17 through 363.30 was an impulse, 5 waves labelled as Wave (1). This was followed by a corrective drop A-B-C towards 116.72, labelled as Wave (2). If the above structure and counts are correct, Ethereum is on its way above 363.30 levels easily as Wave (3) progresses further. Watch out for a push above 200.00 before a meaningful correction is underway.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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