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Technical outlook:

Ethereum has yet again managed to print all-time highs around $2,222 today, as of writing. Please note that fibonacci projected targets are seen around $2,450 before a meaningful top is in place. Having said that it is also advised to book maximum profits on the long positions taken earlier and prepare to sell. It is not mandatory to hit both fibonacci extensions always, hence good to remain cautious here.

Ethereum is seen to be trading just below $2,222 at this point in writing and the crypto remains vulnerable for a bearish reversal either from current levels or from $2,400/2,500 mark respectively. Immediate resistance stays at $2,450, while short term support is seen towards $1,920, followed by $1,547 levels respectively. We need to see a break below $1,550 to confirm that a meaningful top is in place.

The overall uptrend remains intact as Ethereum trades in the buy zone of both support trend lines for now. Having said that, a corrective drop might be possible back towards $1,300 levels before the rally could resume further. One strong indicator has been displayed here, which indicates strong bearish divergence on daily RSI.

Trading plan:

Book profits on long positions between $2,200 and $2,400. Prepare to sell.

Good luck!

The material has been provided by InstaForex Company – www.instaforex.com

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