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Ethereum pushed through the $2,860 highs intraday on Tuesday before finding resistance. The crypto has pulled back through the $2,830 levels at this point in writing and is expected to resume higher again soon. Also, note that bulls have managed to carve an Engulfing Bullish candlestick pattern over the weekend after bouncing back from sub $2,700 levels.
Ethereum has carved a meaningful downswing between $4,850 and $2,140 earlier. The above is being retraced since then as the crypto has managed to terminate its sub-waves around $3,500 and sub $2,700 respectively. If the above structure holds well, pieces would stay above the $2,140 mark and continue pushing higher through the $3,800-4,000 zone.
Ethereum is probably preparing to resume its third wave towards $3,800 at least before hitting resistance as seen on the chart here. On the flip side, if prices are able to break above $4,250 level, the Fibonacci 0.786 of the above downswing, bulls will be poised to push through fresh all-time highs above $4,850 before giving in to bears.
Potential rally through $3,800-4,000 against $2,100
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