Bottom line: Ethereum long term bullish structure remains intact until prices stay above 90.00. A break above 255 and 288 would be encouraging to bulls, going further. Intraday corrective drops remain possible and should be taken as opportunities to initiate longs.
Fundamental Outlook:
Dow Jones and SPX500 closed around 1% lower yesterday. Fears of a potential trade war between US and China has brought Global Indices under pressure again as they remain vulnerable for another huge selloff. A trade war amidst COVID-19 crisis can only worsen Global Economic Outlook which is already facing deep recession according to IMF reports (Global GDP to shrink by around 3% in 2020).
GBPJPY and other JPY crosses my come under pressure as the Japanese Yen might gain amidst the COVID-19 pandemic effect on Global Economies. GBPJPY and USDJPY may drop as Global Equity Markets stare at another round of selloff. GBPJPY had dropped almost 11% between February 24 and March 18, 2020, while USDJPY had dropped by almost 7% by March 09, 2020.
Technical Analysis:
Ethereum bulls remain in control as they continue to print higher highs and higher lows since 90.00 lows on March 13, 2020. The crypto is looking to push higher towards 233 and 255 to target initial resistance at 253.00 levels.
Immediate support is seen at 190, followed by 150, while immediate resistance is seen around 253 respectively. A break above 253 would confirm that bulls are expected to remain in control, going forward. Ethereum may produce a corrective drop towards 210/11, after breaking above 253 resistance.
Overall structure indicates that Ethereum has resumed its rally since 90 lows and bulls are expected to remain in control as medium to long term targets remain above 360. Most traders might hold on to long positions taken earlier with stops at 90 and potential targets above 255 and 360 respectively.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
