Bottom line: Ethereum remains bullish until prices hold above 83.67 levels, the December 2018 lows. A complex corrective structure might have terminated around 90.00 levels as bulls remain poised to print higher highs and higher lows, going forward.
Technical Analysis:
Ethereum seems to be in control of bulls since printing lows around 90.00 levels on March 13, 2020. The subsequent rally towards 155.00 levels does not confirm a reversal in trend, but potential remains. The line in sand for bulls to remain in control is that prices must stay above 83.67 interim support.
The overall wave structure since December 2018 could be constructed as follows. Ethereum had rallied between 83.67 and 363.30 levels in 5 waves (impulse). The corrective drop since 363.30 through 90.00 levels might have taken a complex combination to complete. Also note that the drop has found support around the fibonacci 0.88 percent retracement of the previous rally. A bullish reversal here would keep the overall structure intact and Ethereum could print higher lows and higher highs.
Most traders might be willing to initiate fresh long positions around 116.00/117.00 levels, with a protective stop below 89.00 and projected targets 280 in the short term. Alternately, if prices break below the 89.00 mark, it would confirm a re-test at 83.67 levels going forward.
Overall, Ethereum bulls are expected to remain in control until prices stay broadly above 83.67 levels going forward. A break below would delay matters further and Ethereum could drop up to 60.00 levels before finding support again.
Immediate resistance is seen around 252.00 mark, the March 07 2020 high. If Ethereum bulls manage to break above 252.00 resistance, it would confirm that a meaningful bottom is in place around 90.00 and trend has changed to bullish. It remains to be seen if price action holds above 90.00 levels going forward.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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