Relevance up to 13:00 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Technical outlook:
Ethereum rose above the $1,115 highs intraday on Thursday after finding support at around $1,040 on Wednesday. The crypto is seen to be trading close to the $1,105 mark at this point in writing and is expected to pull back towards $995 in the next few trading sessions. Bears will be poised to hold prices below the $1,195 mark in the near term.
Ethereum has already carved a larger degree downswing between $4,850 and the $880 lows in the past several weeks. Ideally, prices should retrace the entire drop through at least $2,400 in the next several trading sessions. Also, note that immediate price resistance is seen at $1,920 and a break there will be constructive for bulls going forward.
Ethereum has also carved a recent lower-degree upswing between $880 and $1,195 in the past few trading sessions. Prices are currently working on the above rally and are expected to find support close to $995, which is the Fibonacci 0.618 retracement. Bulls will be poised to resume higher thereafter.
Trading plan:
Potential rally through $1,920 and higher against $850
Good luck!
