Bottom line: Ethereum long term bullish structure is intact until prices stay above 89.00 levels. Lower degree wave structure is unfolding to push above 192.00 and 250 (resistance) in the short term.
Fundamental Outlook:
The U.S Jobless Claims continued to rise yet again as over 5.2 million apply for befits over the last week. Over the past one month, over 20 Million Americans have applied for unemployment benefits due to the COVID-19 pandemic. The US Dollar could continue its slide against major currencies going ahead.
China’s first quarter GDP shows a decline by 6.8%, a first to be recorded in past several decades. Due to the COVID-19 pandemic and resulting lock downs/quarantines, the economy has been largely affected in the first quarter of 2020. The effects would lead to several job losses and loan defaults and would be a concern to major economies.
Global Corona virus cases cross 2.1 million with over 146.855 deaths. The U.S continues to top the list at 678,144 cases in total. Over 500 new cases were registered and 24 casualties recorded.
Technical Analysis:
Ethereum remains in control of bulls after printing lows around 148.50 levels yesterday. A push above 177.00 would open doors towards 192.00 in the near term. It is also possible that Ethereum consolidates within a trading range of 150-175 for a while before breaking higher towards 192.00.
The larger wave structure remains to be constructive for bulls until the December lows at 83.00 is intact. The rally between 83.00 and 363.00 was an impulse, which was retraced by a corrective drop towards 89.50 levels. Note that support was found just below the fibonacci 88% retracement of earlier rally.
Most traders might be willing to hold long positions taken earlier and looking to add further on dips towards 150.00, with a protective stop below 89.50 and projected targets above 192 and 250 in the short term.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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