Bottom line: Ethereum bullish structure gain further momentum as it breaks above 200 resistance. A pullback could be expected towards 160.00, before the rally could resume.
Technical Analysis:
Ethereum bulls continue to remain in control and breaks above the projected 200.00 resistance, as expected. It is trading around the 217.00 levels for now and this might not be the right time to enter buying as most would suggest. Please note that a major resistance at 200.00 has been taken out already and another is close to 224.00 mark. It is quite possible that bulls might take out the 224.00 resistance as well, before pulling back lower again. Traders might be willing to take some profits on the long positions initiated earlier and remain flat for a while. Aggressive traders might be preparing to short sell around the 220/224 handle, with stops just above swing highs. Please note that the lower degree wave counts since 116.72 lows clearly suggest that the first impulse wave could be complete close to 200.00 levels. The rally since 116.72 has materialized in 5 waves and could be near to complete above 200.00 mark, unless an extended 3rd wave is progressing. It could be safe to label the recent high as a lower degree Wave 1, which should be retraced in a corrective manner to terminate Wave 2 as labelled on the chart here. Please note that 160.00 was the termination point of wave iv of a lesser degree and Wave 2 might terminate close to 160.00 mark as a general guideline. After this corrective phase is over, traders might be willing to go long around 160.00 mark, with protective stops at 116.72, and projected targets above the 320.00 as Wave 3 progresses. Please note Ethereum is expected to unfold 5 waves higher from 116.72 levels to terminate Wave (3).
Prepared by
Harsh Japee, Technical Analyst.
Ethereum Chart
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