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Technical outlook:

Ethereum had rallied towards $2,350 levels yesterday as expected counter trend. The crypto seems to be now ready to plunge below $2,000 mark and drag lower through $1,600 at least. After rallying through all-time highs above $2,500 over the last week, Ethereum bears are now looking poised to take back control for the next several trading sessions.

Ethereum is seen to be trading around $2,287 at this point in writing and a push below $2,000 will accelerate the drop further. Immediate resistance stays at $2,550, while support comes in around $2,000, followed by $1,600 levels respectively. Also note that fibonacci 0.618 retracement of the rally between $230 and $2,550 is seen around $1,600 and hence probability for a bullish turn remains high.

The overall uptrend that begun from $89.50 levels in March 2020 remains intact for now as prices remain in the buy zones of both support trend lines. Please note that it is possible for Ethereum to drop through $1,400 mark before finding support again and turning bullish. Only a break below $1,000, will threaten the above bullish structure.

Trading plan:

Remain short again stop @ 2,550 target @ 1,600 and @ 1,400

Good luck!

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

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