Bottom line: Ethereum might have drop to fresh interim lows at 89.00 levels but structure still remains bullish against 80.00. It is seen to have bounced off the channel support as seen on charts.
Technical Analysis:
Ethereum bulls might have been surprised following the drop to 89.00 levels but overall bullish structure still prevails until 80.00 lows of December 2018 remains intact. The overall drop since 360 levels could be seen as zigzag or a combination, which might have terminated around 89.00 levels recently. Also note that the bounce has been from the Elliott Channel support along with the fibonacci 0.88% retracement of the earlier rally between 80.00 and 360.00. If the above counts are correct, Ethereum bulls should be back into play as a larger degree Wave (3) begins to unfold. Bottom line for bulls to come back strong from here is that prices must remain above 80.00 levels, going forward. Looking at the larger degree wave counts, a corrective wave was completed at 80.00 levels in December 2018. The drop was potential zigzag from 1400 levels and settled at 80.00 levels terminating as a larger degree Wave ((2)). Since then Wave ((3)) rally could be underway and Ethereum could remain poised for a push above 1400 levels going forward. Within the larger degree Wave ((3)), Waves (1) and (2) could be in place already around 360.00 and 89.00 respectively. If the above counts are correct, Ethereum should hold above 80.00 and continue higher towards 360.00 and above, to terminate Wave (3) within Wave ((3)). Alternately, a drop below 80.00 could continue dropping further before finding a bottom. Most traders might be willing to initiate fresh long positions around the current price action (139/140) levels, with protective stops below 80.00 and projected targets above 360.00 respectively.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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