Bottom line: Ethereum long term bullish structure remain unchanged until prices stay above the 90.00 mark. It seems to be consolidating since last one week and set to push higher towards 255 in the near term.
Fundamental Outlook:
GBPJPY may come under further pressure and drop towards 129.00 levels, after Bank of England keeps rates unchanged but warns of a severe slump in Q2 GDP and Unemployment rates. The GBPUSD exchange rate had also dropped to 1.2266 before pulling back.
The BoE projects Q2 GDP to further drop by over 25% and Unemployment to rise by 9%. Such figures have never been seen since the “Great Frost” in 1709.
USDCHF might remain under pressure as another round of dismal US Job data is expected to be released today at 0830 AM EST. The Non-Farm Payrolls are set to print -22million, while the Unemployment rate to drop to -16%. The US Dollar is set to remain under pressure against its counterparts.
More than 30 million Americans have lost their jobs in the past few weeks over the COVID-19 pandemic lockdown effect. Also, the IMF forecasts for US GDP in 2020 stands around -5.9%, along with an overall slump in the World GDP by around -3%, paints a gloomy picture.
Technical Analysis:
Ethereum bulls remain in control as they consolidate gains after printing highs at 226.82 last Friday. The crypto is looking to resume its rally and take out the next resistance in line at 255.00 mark. Probabilities remain for Ethereum to drop to 186.00 levels before resuming higher again.
Structurally, Ethereum has managed to carve a higher low at 90.00 levels in March 2020, and it should be on its way to push higher towards 360.00 levels, the precious swing high. Corrective drops to 186.00/187.00 should be seen as opportunities to build long positions again.
Most traders might be willing to hold long positions and looking to add further on dips, with stops below 90.00 and projected targets as 255 and 290 in the medium term.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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