Bottom line: Ethereum long term structure continues to remain bullish against 89.50 lows since March 2020. Over the short term though, bears might be producing a meaningful corrective drop towards 240/250 mark. The crypto should hold below 488.00 resistance.
Fundamental Outlook:
USDCHF had dropped to weekly low around 0.9160/65 yesterday before finding some bids. The exchange rate is trading close to 0.9200 mark for now and is expected to gain further from here. The US Dollar might be setting up to gain across major currencies over the next few weeks as no deal has been reached on another stimulus.
GBPJPY has managed to rally through 137.00 highs yesterday after having dropped to 133.00 lows over the past week. The anti-risk Japanese Yen has declined as global equity markets rallied in the past few sessions. The exchange might gain further through 138.00/50 mark if the optimism persists in risk assets and vice versa.
Ethereum has managed to raise through 371.00 yesterday before finding renewed selling pressure. The crypto had dropped to 313.00 over the last week on US Dollar strength before finding support. With the US Dollar set to gain, Ethereum might remain under pressure and drop below 313.00 intermediary support.
Technical Analysis:
Ethereum had managed to rally towards 371.00 levels over the past few trading sessions, after having dropped through 313.00 lows last month. The crypto might be preparing to break below 313.00 and push towards 240.00/250.00 levels in the next few weeks.
Ethereum had dropped through 89.50 lows in March 2020. Since then, the crypto has remained under control of bulls and produced a meticulous rally through 488.00 levels on September 01, 2020. The entire rally could be seen as an impulse wave, which should be followed by a corrective drop.
Ethereum bears have remained poised to produce a meaningful corrective drop since 488.00 highs as they prepare to resume the last leg lower towards 240.00/250.00 mark. Also note that fibonacci 0.618 retracement is seen to be passing through 240.00 levels, which remains a high probability bullish bounce if prices manage to reach there.
Most traders might be prepared to initiate fresh short positions around 340/350 potential resistance zone, with protective stop above 488.00 and projected targets below 240.00/250.00 respectively. Only a sustained break above 488.00 would change the bearish structure.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
Disclaimer:
This market commentary and analysis has been prepared for AT Global Markets UK Ltd (ATFX UK) by a third party for general information purposes only. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell as it does not take into account your personal circumstances or objectives, and should therefore not be interpreted as financial, investment or other advice, or relied upon as such.
You should therefore seek independent advice before making any investment decisions. This information has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.
Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. We aim to establish and maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients.
The market data is derived from independent sources believed to be reliable, however we make no representation or warranty of its accuracy or completeness, and accept no responsibility for any consequence of its use by recipients. Reproduction of this information, in whole or in part, is not permitted.
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。
