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Ethereum dropped below $2,700, giving away its gains post FOMC on Wednesday. The crypto repeatedly tested its channel support just below $2,700 in the past two trading days. Bulls need to hold the price above $2,300 to keep the structure intact as they prepare to push through the $3,800-4,000 range.
Ethereum is also re-testing its Fibonacci 0.618 retracement around $2,680-2,700. There is a high probability of a bullish reversal from current levels. A breakout above $2,960 will confirm a potential bottom in place as bulls register themselves to be back in control. The crypto has been producing a potential corrective wave from the $2,140 low.
Furthermore, Ethereum has terminated two waves within the proposed corrective rally around $3,500 and $2,680 respectively. If the above holds well, bulls will be poised to resume the third wave higher through $3,800 at least to complete the structure. In case of a breakout above $4,100-4,200, the price will be able to test the level of $4,850.
Potential rally through $3800 against $2100
Good luck!
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