Bottom line: Ethereum bullish structure remains intact until prices stay above 90.00 levels. A marginal drop below 90.00 remains a possibility, and will not change the overall structure.
Technical Analysis:
Ethereum is seen to be drifting sideways since March 21, 2020, after printing highs around 153.70 levels. To keep the bullish structure intact, we need to see prices pushing beyond 153.00/154.00 interim resistance.
The overall structure since December 2018 lows around 83.00 still remains constructive for bulls, and they should remain poised to push toward 360 levels going forward. Bottom line remains that price action should hold above 83.00 levels, even if a marginal low is possible below 90.00 mark.
The rally between 83.00 and 363.30 could be seen in 5 waves. The drop towards 90.00 could be seen as a complex correction (3 waves). Ideally, the above structure should be followed by another 5 wave rally towards 360 and higher levels and 83.00 support must remain intact.
Most traders might be inclined to initiate fresh long positions around current price (142.75), with a protective stop below 90.00 and projected target above 363.00 levels respectively. Alternately, a drop below 90.00 and subsequently 83.00 would change the above bullish scenario for short term.
Having said that, please note that the drop below 83.00 could be short lived and might be a bear trap. Hence, it might be a safe strategy to remain flat, and wait for a potential bottom to form below 83.00.
Going with the current high probable scenario, a push through 154.00 would open doors towards the next resistance seen at 252.00 levels, the March 07 highs. This would also confirm that Ethereum has formed a meaningful bottom at 90.00 levels and the long term trend has turned bullish.
Overall, bullish structure is here to stay until prices remain above the 90.00 lows and broadly above 83.00 going forward.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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