Bottom line: Ethereum long term outlook continues to remain bullish against 89.50 levels. The crypto might be preparing to produce a corrective drop lower towards 152/155 in the near term. Please note Ethereum had taken out resistance at 253.00 earlier.

Fundamental Outlook:

USDCHF has reversed from 0.9362 levels, yesterday’s lows and is back above 0.9400 mark as we prepare to publish this update. The US Dollar gained across the board during New York Session and might continue to gain further. Pro risk currencies EURO, Aussie Dollar dropped against the US Dollar.

Global Equities reversed from their respective day’s highs including Dow Jones, SPX500, DAX and FTSE. Asian Markets are set to follow suit as risk aversion returns. Believe it or not, this might just be the beginning of a more dramatic collapse across risk assets.

COVID-19 infections have now crossed the 12 million mark with over 550,000 deaths. Mexico alone has seen over 7K infections and 730 deaths. The suspected second wave of COVID-19 infections and economic growth issues remain cause of concern for WHO and Central Banks respectively.

Technical Analysis:

Ethereum has managed to test resistance again around 249.00 yesterday before reversing lower again. The crypto is seen trading around 241 as we prepare to publish today’s update, and is expected to slip further towards 155.00 before resuming its rally.

Ethereum had rallied from 89.50 through 253/54 levels in an impulse wave. Also note that bulls had managed to take out resistance around 253.00 levels. Ideally, an impulse wave is followed by a corrective wave in the opposite direction.

Ethereum might be preparing to produce a corrective drop towards 155.00, which is also the fibonacci 0.618 retracement of the entire rally between 89.50 and 253/54 respectively. Most traders might be preparing to go long again at lower levels (152/155) respectively.

Prepared by

Harsh Japee, Technical Analyst.

Ethereum Chart

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