Forex Analysis:Ethereum Bulls Targeting 254 and 288 Resistance

Bottom line:  Ethereum long term bullish structure remains intact until prices stay above 90.00. A break above 255 and 288 would be encouraging to bulls, going further. Intraday corrective drops remain possible and should be taken as opportunities to initiate longs.

Fundamental Outlook:

Dow Jones and SPX500 closed around 1% lower yesterday. Fears of a potential trade war between US and China has brought Global Indices under pressure again as they remain vulnerable for another huge selloff. A trade war amidst COVID-19 crisis can only worsen Global Economic Outlook which is already facing deep recession according to IMF reports (Global GDP to shrink by around 3% in 2020).

GBPJPY and other JPY crosses my come under pressure as the Japanese Yen might gain amidst the COVID-19 pandemic effect on Global Economies. GBPJPY and USDJPY may drop as Global Equity Markets stare at another round of selloff. GBPJPY had dropped almost 11% between February 24 and March 18, 2020, while USDJPY had dropped by almost 7% by March 09, 2020.

Technical Analysis:

Ethereum bulls remain in control as they continue to print higher highs and higher lows since 90.00 lows on March 13, 2020. The crypto is looking to push higher towards 233 and 255 to target initial resistance at 253.00 levels.

Immediate support is seen at 190, followed by 150, while immediate resistance is seen around 253 respectively. A break above 253 would confirm that bulls are expected to remain in control, going forward. Ethereum may produce a corrective drop towards 210/11, after breaking above 253 resistance.

Overall structure indicates that Ethereum has resumed its rally since 90 lows and bulls are expected to remain in control as medium to long term targets remain above 360. Most traders might hold on to long positions taken earlier with stops at 90 and potential targets above 255 and 360 respectively.

Prepared by

Harsh Japee, Technical Analyst.

 

Ethereum Chart

 


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