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

Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.

Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.

MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！

免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。

著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。