Bottom line: Ethereum long term structure remains bullish until prices stay above 89.00/90.00 mark. The crypto seems to have broken a past resistance at 253.00 and should be poised to produce a counter trend drop towards 155.00 levels before resuming higher again.
Fundamental Outlook:
USDCHF has found renewed strength from 0.9420 early this week and managed to rally past 0.9500 yesterday. The safe haven US Dollar has gained, as risk aversion returned early this week. Cases of COVID-19 infections has been rising in US and Asian countries along with a global recession looming.
The WHO has warned of another wave of COVID-19 infections across Europe. To remind our readers, this was the exact situation in January 2020. A dramatic 35% selloff in Global Markets followed in February 2020. This might not be the time to be too optimistic on risk assets.
GBPJPY exchange rate has dropped over -4.0% in the past 2 weeks as it trades around 133.00 mark. The anti-risk Japanese Yen has gained across major currencies and this could continue further. Several risk associated currencies like the EURO and Aussie Dollar has also lost against the Japanese Yen.
Technical Analysis:
Ethereum bulls are looking to take a break after having taking out resistance at 253.00 earlier. Bears are expected to remain in control as the corrective drop could be underway towards 155.00 levels. Thereafter, Ethereum might resume its uptrend towards 360.00 levels.
Ethereum rally from sub 89.00 through 253.69 seems to an impulse wave. Ideally, an impulse wave should be followed by a corrective wave. The crypto should produce a corrective drop towards 155.00, before resuming rally. Also note the fibonacci 0.618 retracement of the above rally is seen towards 152.00/153.00 mark.
Most traders might have booked profits on earlier long positions around 253.00 levels. They might remain flat for a while, allowing Ethereum to retrace lower towards 155.00 before initiating fresh long positions.
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。
