Bottom line: Ethereum long term structure continues to remain bullish against 89.50 levels. In the near term though, the crypto seems to have carved a meaningful top around 448.00 and should produce a corrective drop through 225.00 levels, going forward.
Fundamental Outlook:
USDCHF had managed to close around 0.9085 mark, after swing over 90 pips yesterday. The exchange rate might be setting up for further gains over the next few weeks. The US Dollar had reacted lower after Fed Chair Jerome Powell announced the monetary policy going forward; only to reverse its losses later. As discussed earlier, US Dollar might be setting up to gain as global indices remain vulnerable.
GBPJPY rallied yesterday to close at 104.66 mark. The exchange rate is trading around 141.44 mark as we prepare to publish today and might gain further through 144.00/145.00 levels. The anti-risk Japanese Yen is giving way to USDJPY, GBPJPY and EURJPY rallies.
Technical Analysis:
Ethereum bulls had managed to print 448.00 highs on August 17, 2020. Since then, the crypto has been in control of bears and managed to print below 375.00 mark. Bears might be inclined to remain in control until Ethereum stays below 448.00 potential resistance.
Ethereum had dropped through 89.50 in March 2020. Since then, it has produced a religious rally through 448.00 levels. The crypto might be preparing to retrace the entire bullish boundary before resuming its rally past the 448.00 mark.
The fibonacci 0.618 retracement of the rally between 89.50 and 448.00 is seen through 225.00 levels. High probability remains for a bullish reversal, if prices manage to reach there. Also note that past resistance line would provide support around 225.00 mark.
Most traders might have booked profits on long positions taken earlier. Also aggressive traders might have initiated fresh short positions with protective stop above 448.00 and projected targets at 225.00. Ethereum looks bullish again from 225.00 mark.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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