Bottom line: Ethereum bullish structure remains intact until prices stay above 90.00 levels, going forward. Bulls remain poised to target immediate resistance at 287.00 levels.
Fundamental Outlook:
Optimism over anticipated agreement by OPEC members, fail to stop a near 20% drop in Oil.
Oil prices had risen by over 7% yesterday just before the scheduled meeting of OPEC members. As expected, an agreement was reached by Russia and Saudi Arabia to end the price war. It was agreed to cut production by over 23% over the next 2 months. Surprisingly, Oil prices dropped by over 20% after the news, before recovering back.
Global Markets continue north alongside Dow Jones and SPX500, after Fed injects $2.3 trillion.
Markets remained broadly unaffected after the dismal Job Data (6.6 million filed for benefits). This was due to Fed announcing a $2.3 trillion stimulus, to support the economy. Right after the announcement, the Dow Jones and SPX500 rallied towards 24000 and 2820 respectively before pulling back. It remains to be seen how long the party continues for Global Equity Markets.
Today’s Events:
- 0830 AM EST USD Consumer Price Index, to print lower around 1.6% versus 2.3%
- 0830 AM EST USD Consumer Price Index Ex Food and Energy 2.3% versus 2.4%
Technical Analysis:
Ethereum continues to remain in control of bulls, as prices had risen through 176.00 early this week. The crypto is seen to be retracing lower and is expected to find initial support around 156.00 levels, which is fibonacci 0.382 retracement of rally between 123.85 and 176.00 respectively.
A bullish bounce around 156.00 could bring back bulls into play and Ethereum could resume its rally towards 192.00/193.00 levels, going forward. The wave structure indicates that Ethereum could be progressing with a larger degree Wave (3) since 90.00 lows and could be heading above 360.00 levels as lower degree waves unfold.
Most traders might be willing to initiate fresh long positions around 156.00 levels, with protective stop below 100.00 and projected targets above 287.00 in the medium term.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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