Bottom line: Ethereum long term structure remains bullish against 89.50 levels. In the short term though, bears might be looking to push prices lower towards 155.00, before resuming higher again.

Fundamental Outlook:

USDCHF has not moved much since the NFP yesterday and is almost flat around 0.9458. The exchange rate is set to gain as the US Dollar is showing signs of a reversal. Yesterday was no different as Global Indices and risk appetite gained close to +1.0%, but DXY was quick to be back above 97.00 mark.

SPX500, Dow Jones, NASDAQ and other indices have been rallying despite a steady rise in COVID-19 infections; the US alone has seen over 50K cases on Wednesday. US-China and China-India rift has been rising as well, with more sanctions being imposed.

A similar situation prevailed in January-February 2020, when COVID-19 was spreading fast in the US and other countries. Investors were all out, calling 30K-40K in the Dow Jones; we know what followed in February-March. This time it is the NASDAQ registering new highs, history might be set to repeat!

GBPJPY has again reversed from 134.70 highs yesterday. The exchange rate is trading below 134.00 mark and is set to come under further pressure and the Japanese Yen rises. The fragile risk sentiment might reverse lower, giving a distinct edge to the Japanese Yen.

Technical Analysis:

Ethereum might remain in control of bears over the short term, as they prepare to push towards 155.00 levels. After having taken 253.00 resistance, Ethereum might be setting up for a corrective drop, before resuming rally towards 360.00 levels.

Ethereum had rallied in a religious manner from 89.50 through 253.70 levels earlier. The crypto seems to be correcting lower towards 152.00/155.00 levels, before resuming again. Also note that fibonacci 0.618 retracement of the above rally is seen around 153.00, increasing probability of a bullish reversal.

Most traders might want to wait for the corrective drop to complete around 152.00/155.00 levels before initiating long positions again. Aggressive traders might remain short against 255.00 with a target around 155.00 in the short term.

Prepared by

Harsh Japee, Technical Analyst.

Ethereum Chart

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