Bottom line: Ethereum long term structure remains bullish until prices stay above 90.00 levels. In the short term we could witness a corrective drop towards 152.00 though, as traders prepare to retrace lower before resuming rally.
Fundamental Outlook:
USDCHF bounced back sharply from intraday lows at 0.9380 as US Dollar gained across the board yesterday. The safe haven US Dollar gained traction as risk sentiment collapsed. The Dow Jones (-6.9%) and SPX500 (-5.9%) registered their worst single day drop since March 23, 2020. We have kept readers prepared for a dramatic collapse in Global Equity Markets since last several trading sessions and this could just be the beginning.
GBPJPY exchange rate has reversed lower since last 4 trading sessions from 139.74 levels. This was much expected and discussed earlier as the anti-risk Japanese Yen was set to gain. Furthermore, with risk assets reversing sharply yesterday, it has only added to the bearish sentiment in GBPJPY and USDJPY respectively.
Technical Analysis:
Ethereum bulls had managed to take out resistance around 253.00 over the last week. Since then, the crypto has pulled back lower and could reach up to 210 levels at least. If the correction digs deeper, we can expect a drop towards 152.00 before bulls are back in control.
Ethereum has rallied from 90.00 through 253.00 since March 2020. The entire rally looks to be an impulse, which should be retraced by a corrective drop. Also note that fibonacci 0.618 retracement of the above rally is seen towards 152.57 levels. A bullish bounce can be expected if prices manage to reach 152.00, going further.
Ethereum bulls are expected to be back around 152.00 and continue to rally through the next resistance at 290.00. Traders might be willing to book profits from earlier long positions and remain flat for a while, prices retrace lower.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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