Forex Analysis:Ethereum Bulls Are Targeting Above 287.00 Resistance

Bottom line: Ethereum long term structure remains bullish until prices stay above 90.00 levels. A corrective drop seems to be complete around 176.00 and the crypto seems to be underway towards 287.00 resistance before producing a meaningful correction.

Fundamental Outlook:

GBPJPY is has slipped lower by 100 pips from recent swing highs at 132.56. The Bank of Japan rate decision is scheduled to be out today at 11:00 PM EST, less than an hour from now. With risk assets witnessing a rally this entire week, the Japanese Yen has come under pressure and GBPJPY has rallied from last week lows around 129.55.

USDCHF had rebound yesterday from around 0.9640 and rallied past 0.9700 mark. The US Dollar strength could be short lived and the currency exchange rate may soon come under pressure, as fears of U.S recession looms large.

Over 30 million US citizens have now lost their jobs since COVID-19 pandemic broke out and the figures are increasing week after week. The US GDP forecast for the Second Quarter 2020, has deteriorated further and may print up to -30%. The US Dollar as a safe haven may gain, as the economy faces its worst recession since The Great Depression.

Technical Analysis:

Ethereum bulls are back in control and are looking poised to push towards 287/290 levels in the short term. Thereafter, we can expect a corrective drop towards 160/170 levels before the rally could resume further towards 360.

Ethereum had rallied from sub 83.00 levels towards 363.00 as an impulse wave. Furthermore, the drop towards 90.00 was corrective in nature. Ideally it is expected to rally beyond 360 levels, as long as 90.00 lows hold well. Going further, the recent rally from 90.00 through 226.82 seems to be incomplete and another high is required to break resistance at 287.00 to confirm long term bullish reversal. Traders might be preparing to take profits on long positions around 287/290 levels.

Prepared by

Harsh Japee, Technical Analyst.


Ethereum Chart


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