Bottom line: Ethereum long term bullish structure remains intact until prices stay above 90.00 levels. Bulls remain poised to push higher towards next in line resistance at 255/260 levels. Also note, potential remains for a break above 280 before correcting lower again.
Fundamental Outlook:
USDCHF has been able to hold its ground close to 0.9755/0.9800 levels as the US Dollar gained across major curries in the past few sessions. Major factors include Fed ruling out the possibility of a negative interest rate monetary policy, US Indices loosing over 3% in the last few trading sessions and re-emergence of a possible US-China trade war situation.
Furthermore, the number of US citizens filing for benefits has now risen to over 36 million over the past weeks. The rising unemployment calls for more stimulus and time to support and recover the US economy. Also, the rise in COVID-19 infections with US and European countries reopening, would boost the safe haven US Dollar.
Watch out for the German and Euro Area GDP figures to be out today with negative forecasts at -2% and -3/3% respectively. Also a negative print for the US Retail Sales figures (-12% Vs -8.4%) may add some pressure on the US Dollar today.
Technical Analysis:
Ethereum bulls might be back in control since 175.77 lows on May 11, 2020. The drop between 226.00 and 175.77 looks corrective and a break above 216.00 intermediary resistance would confirm that Ethereum bulls are targeting 255.00/260.00 resistance in the near term.
Structurally, Ethereum remains bullish in the long term since it has managed to hold above 83.00 lows print in December 2018. The rally from 83.00 to 363.00 was an impulse, while the subsequent drop to 90.00 was a corrective phase. As long as Ethereum stays above 90.00, bulls are expected to remain in control.
Most traders might be willing to take profits around 255/260 levels on the long positions taken earlier. They would wait for a corrective drop back towards 165/175 region to initiate longs again.
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。
