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Ethereum dropped through $1,900 during the early Asian session on Thursday before finding support. The crypto developed a sharp rally thereafter closing the day higher at around $2,020, erasing all losses. Bulls have managed to carve a potential Engulfing Bullish candlestick pattern on the daily chart indicating further potential through $3,000 at least.
Ethereum has been dropping since the $4,850 highs through the $1,700 low carved over the last week. As discussed earlier, one-year support has also been taken out around $1,700 leading to the counter-trend move. Bulls have been successful to produce the first leg higher of the proposed corrective phase between $1,700 and $2,165 earlier.
Ethereum's drop through the $1,900 mark could be seen as the second wave of the overall corrective rally. If the above structure holds well, bulls will now be inclined to extend the rally towards $3,000 and $3,500 as the third wave unfolds. Traders might be preparing to hold long positions and add further against $1,700.
Potential rally through $3,000 and $3,500 against $1,700, then lower
Good luck!
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