Forex Analysis:Ethereum Is Bullish Against 90.00 Levels

Bottom line:  Ethereum medium-long term structure remains bullish until prices stay above …

Bottom line:  Ethereum medium-long term structure remains bullish until prices stay above 90.00 mark. Corrective drops are possible and support should be seen around 150.00 zone.

Fundamental Outlook:

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Technical Analysis:

Ethereum remains in control of bulls for now as prices hit 195.00 handle. The long term structure remain bullish against 90.00, but traders might be warned to remain cautious around these levels. A corrective drop towards 145.00/150.00 levels would be considered ideal before the rally resumes.

The recent rally between sub 90.00 and 195.00 has reached fibonacci 0.618 retracement of the previous drop (252.00 through sub 90.00). Ethereum might face interim resistance around 195-200 levels and at least produce a corrective drop before resuming higher again.

Support comes in around the 145.00 mark and extends up to 142.00, which is the past resistance turned support zone. A bullish reversal there would be encouraging for the next Bull Run towards 252 and 280 respectively.

Most traders might be preparing to take some profits on long positions taken earlier around current price (188.00/190.00). Further it might be safe to initiate fresh long positions between 142.00 and 145.00, with stop below 90.00 and target towards 280.00 respectively.

Prepared by

Harsh Japee, Technical Analyst.

 

Ethereum Chart

 


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