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Ethereum has pushed through yet another intraday high close to $3,100 on Thursday. The crypto has pulled back a bit and is seen to be trading around $3,040 mark at this point in writing. It seems like a meaningful boundary is in place between $2,450 and $3,100 levels, which could be retraced before the next leg resumes higher.
Ethereum is expected to find support around $2,700 mark, which is also the Fibonacci 0.618 retracement of the above upswing. High probability remains for a turn higher if bears manage to drag through the above potential support zone. Furthermore, it is also confirmed that the crypto is out of its triangle consolidation.
Ethereum needs to push above $3,300 mark through to accelerate further towards $3,800-4,000 zone. It is the Fibonacci 0.618 retracement of its earlier drop between $4,850 and $2,100 levels respectively. Bears will remain inclined to be back in control from around the $4,000 mark and drag prices toward $1,700 lows going forward.
Potential rally through $3,800-4,000 mark against $2,100. Then reversal.
Good luck!
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