Bottom line: Ethereum long term structure continues to remain bullish against 89.50 lows in Marsh 2020. The crypto has managed to rally through 432.00 levels yesterday but bears might be back in control soon to produce a corrective drop.
Fundamental Outlook:
USDCHF has reversed lower from 0.9200 highs on August 12, 2020. The exchange rate might gain further as the US Dollar might be beneficiary over the next few trading sessions. The US Dollar would be taking its cues from the ongoing negotiations for new fiscal stimulus over unemployment benefits, which expired on July 31, 2020.
Major geopolitical event is due over the weekend as US and Chinese officials meet tomorrow. The meeting shall be focused on Phase-1 trade deal implementation and other areas of conflicts between the two nations. Any disruptive development here might act as a huge trigger for markets on Monday.
GBPJPY ticked higher towards 104.20 levels yesterday. The exchange rate might come under renewed selling pressure if risk sentiment reversed over the next few sessions. The anti-risk Japanese Yen might strengthen if risk aversion returns, amidst a no deal on new fiscal stimulus in the US and US-China tensions.
Technical Analysis:
Ethereum bulls have defied all resistances and print yet another high around 432.00 levels yesterday. The crypto trades around 422.00 levels as we prepare to publish and remains vulnerable for a drop lower. A break below 364.00 would confirm that a meaningful top is in place.
Ethereum has produced a religious rally since 89.50 lows in March 2020, with recent high at 432.00 yesterday. Still there are no signs of a potential top formed, hence we need not speculate on a bearish reversal. Immediate support is around 364.00, which should break to confirm.
Ethereum remains in an uptrend without much doubt after rallying from 89.50 through 432.00 recently. Having said that, please note that RSI is showing strong bearish divergence on the daily chart here. This could be an indication for a potential drop to produce a correction lower towards 225.00 levels.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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