Bottom line: Ethereum long term structure continues to remain bullish against 89.00/90.00 levels. Bulls have managed to take out initial resistance at 252.00 as expected and might pullback lower, before resuming rally.
Fundamental Outlook:
USDCHF may reel under pressure and drop towards 0.9450 as NFP are expected to print another 8-10 Million. The unemployment rate set to rise to almost 20% will further add to US Dollar woes. Since the past few sessions the US Dollar has been hammered across the board, especially against the EURO, which is now trading close to 1.1350 mark.
Risk sentiment continued to soar high as SPX500 and Dow Jones are barely 10% away from their all-time highs. Investors continue to defy tensions between US and China, which deteriorated further as US blocked Chinese Airlines from American skies. It would be interesting to see if markets can continue rallying despite the factual economic damage caused due to COVID-19 pandemic.
GBPJPY has also managed to rally over 600 pips this week, trading above 138.00 as we write this article. The ongoing UK-EU Brexit talks and Japanese Yen decline as risk sentiment soars, might have played on the GBPJPY exchange rate.
Technical Analysis:
Ethereum bulls have managed to take out resistance at 252.00 this week, falling in-line with expectations. High probability remains for a corrective drop lower towards 152.00, before the rally could resume towards 360.00, going further.
Ethereum has rallied from sub 89.00 lows towards 253.00 carving a series of higher lows and higher highs. A major boundary could be in place and Ethereum might produce a corrective drop lower before rallying further. The fibonacci 0.618 retracement is seen towards 150.00/152.00 mark, and a bullish bounce can be expected if prices manage to reach there.
Traders might have taken profits on the long positions initiated earlier. They might consider to remain flat for a while, allowing Ethereum to retrace lower towards 150.00 levels.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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