Bottom line: Ethereum long term structure continues to remain bullish against 89.50 lows since March. The crypto has managed to defy all resistance and break higher towards 415.00 before pulling back. It might be good to buy on dips from here on.
Fundamental Outlook:
USDCHF is trading higher again around 0.9120 levels after printing 0.9050 early this week. The exchange rate could be well supported as US Dollar might be set to rise against most currencies. Risk aversion might return sooner than expected, boosting the safe haven US Dollar. Risk associated currencies AUD, NZD, EUR might face selling pressure going forward.
US jobs report (Non-Farm Payroll) would be in focus today, expected to print 1.5 million. Markets are also hoping a decision on extending the additional USD 600.00 unemployment benefit, stimulus package. If the negotiations fails, it might send huge shockers to the Equity Markets going forward.
US-China tensions rose further after President Trump signed orders that prohibits US residents to do any business with Chinese applications TikTok and We Chat. The set timeline is 45 days from now. As we prepare to publish SPX500 and Dow Jones are trading lower by -0.30%, while Hang Seng is down over -1.5%.
Technical Analysis:
Ethereum has defied all resistance and managed to print highs at 415.00 before pulling back. Bulls have registered themselves strong as they pushed above previous highs at 360.00. Ideally, a corrective drop should be underway towards 220.00 mark sooner than expected.
Ethereum rally has been a religious one from 89.50 lows in March, through 415.00 highs in August 2020. Believe it or not, the recent boundary or upswing is between 89.50 and 415.00 respectively. Bears might remain poised to produce a corrective drop from here.
Traders might remain inclined to buy lower towards 220.00 levels as fibonacci 0.618 retracement of the above rally is seen passing through as well. High probability remains for a bullish reversal, if prices manage to reach there. Aggressive short positions might be avoided for now.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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