Bottom line: Ethereum long term structure continues to remain bullish against 90.00 levels. The crypto might be producing a counter trend drop towards 153/155 levels, before reversing higher again.
Fundamental Outlook:
USDCHF exchange rate has been one of the beneficiaries of US Dollar Index gaining traction over the last week, as risk assets reversed. It had managed to raise from 0.9375 through 0.9553 over the last week, as the DXY gained from 95.72 through 97.50 mark. It would be interesting to see how risk assets behave over the coming sessions.
GBPJPY had come under pressure yesterday after the BoE rejected the Negative Interest Rate Policy. The GBPJPY has dropped from 139.50 through 132.40 since June 02, 2020. GBPUSD had also eased off from 1.2550 highs as BoE kept interest rates unchanged at 0.1% and boosted Quantitative Easing (QE) by another GBP100n.
Ethereum has been reeling under pressure along with Bitcoin since June 11, 2020. The crypto has given in from 250 levels since then and print lows around 218.00 before pulling back again. Over the coming sessions, it might come under further pressure as US Dollar set to gain if risk aversion continues.
Technical Analysis:
Ethereum might be underway to complete a corrective drop towards 153/155 levels, before the rally could resume towards 290.00 and 360.00 respectively. Over the last week, bears had managed to reverse lower from 250.00 levels and is trading around 228.00 at the moment.
Ethereum rally from sub 89.00 through 253.00 levels looks to be an impulse, taking out price resistance at 253.00 earlier. The crypto has remained sideways since then, and should be looking to drop towards 153.00/155.00 levels, which is fibonacci 0.618 retracement of the above rally.
Traders might remain flat for now, allowing Ethereum to correct lower before initiating long positions again. Aggressive traders might remain short with stop at 255.00 and target towards 155.00 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。
