Bottom line: Ethereum long term structure remain bullish until prices stay above 90.00 levels. In the near future, bulls might be targeting to push through resistance at 255.00 and 287.00 respectively.
Fundamental Outlook:
USDCHF has come under pressure since May 25, and it has dropped to 0.9630, losing over a 100 pips. The US Dollar weakness can be largely attributed to risk sentiment and equity markets that continued to rally yesterday. The SPX500 touched 3068 while Dow Jones peaked towards 25758, highest since early March 2020.
Adding further to the positive sentiment, the EU Commission also announced on the recovery funds earlier this week. Over and above the EURO 500 billion jointly proposed by Germany and France, an additional EURO 250 billion in loans exceeded market expectations.
All said and done, the US-China tensions over Hong Kong cannot be ignored. Later today, President Trump holds a press conference to brief an administrative response to China’s decision on tightening its grip over Hong Kong.
Furthermore, the US Job Market continues to worsen, as over 40 million Americans have lost their jobs since the COVID-19 epidemic broke out. A looming recession is inevitable and its impact worse than The Great Depression (1929)!
Technical Analysis:
Ethereum bulls might be preparing to rally towards 255.00 resistance before pulling back lower. A push above 227.00/228.00 would confirm that the crypto is on its way towards 255.00. A failure to do so may drag prices lower towards 180.00 mark.
Ethereum had dropped to 83.00 levels in December 2018. Since then it has rallied towards 363.00 producing an impulse wave. Furthermore, the drop between 363.00 and 90.00 was seen as corrective. Ideally, Ethereum bulls are poised to remain in control and push higher towards 363.00 and above, going forward.
Traders might want to remain long for now and willing to take profits around the 255.00 mark. They would remain flat thereafter to allow a pullback before initiating longs again.
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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