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Technical outlook:

Ethereum bulls have managed to push through fresh highs just below $2,500 mark before pulling back. Please note that the crypto has hit its fibonacci 0.382 extension around $2,430/50 already. High probability remains for a pullback from here, possible towards $1,300 levels, before the rally could resume further to fresh highs.

Ethereum has pulled back from the swing highs and is trading below $2,450 levels at this point in writing. Prices have been clearly trading into the buy zone of both support trend lines but the daily chart might produce a doji candlestick pattern today, indicating a bearish reversal ahead. Immediate resistance is seen at $2,500 mark, while short term support is seen around $1,920 levels respectively.

Ethereum has successfully managed to produce a religious uptrend since $89.50 lows registered in March 2020, which remains intact. We are simply expecting a corrective drop towards $1,300/40 levels, before the rally resumes higher again. Traders might take profits on long positions and remain flat.

Trading plan:

Book profits on long positions taken earlier @ 2,440/50.

Aggressive traders sell @ 2,430/50, stop @ 2,400, target @ 1,300

Conservative traders remain flat for now.

Good luck!

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

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