Forex Analysis:Ethereum Hits Resistance Zone Around 280/287

Bottom line: Ethereum long term structure continues to remain bullish against 89.50 lows i…

Bottom line: Ethereum long term structure continues to remain bullish against 89.50 lows in March 2020. The crypto might have hit a major resistance around 280/87 mark recently and could produce a corrective drop towards 162.00 levels over the short term.

 Fundamental Outlook:

USDCHF has been on the receiving end since July 16, 2020 and has dropped to fresh lows at 0.9238 today before pulling back. The US Dollar has lost against major currency pairs with risk sentiment on the rise lately. Traders might want to remain cautious though, as risk aversion returns.

SPX500 dropped over -1.25% closing in at 3235, Dow Jones down -1.3% closed at 26652 and NASDAQ crashed over -2.5%, closed at 10579. The initial jobless claims print over 1.4 million for the week ended July 17, higher than expected. This might just be the beginning of a larger selloff, we’ve been calling.

GBPJPY seems to have lost in the past 2 trading sessions. The exchange rate has dropped from 136.62 through 135.50 as we prepare to publish the update for the day. The anti-risk Japanese Yen has risen as Global Equity Markets collapsed yesterday. The currency might come under further pressure, going forward.

Technical Analysis:

Ethereum bulls have managed to rally past the 280 mark yesterday before pulling back. Please note that 280/87 region is marked as past resistance zone. Bears might remain inclined to push prices lower towards 162/165 in the short term.

Ethereum has rallied from 89.50 lows in March 2020, through 280 highs until yesterday. It seems to have now completed an impulse or might hit 287 levels to complete. Either way, a corrective drop should resume towards 162/165 levels.

Also note that fibonacci 0.618 retracement of the entire rally between 89.50 and 280.00 is seen towards 162.00 levels. Probability for a bullish bounce remains high, if prices manage to reach there. Most traders might have booked profits on the long positions initiated earlier.

Prepared by

Harsh Japee, Technical Analyst.

 

Ethereum Chart

 


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