Bottom line: Ethereum long term structure remains bullish against 89.50 levels. The crypto has managed to print yet another high around 448.00 early this week, before pulling back. A break below 363.00 confirms a meaningful top in place.

 Fundamental Outlook:

USDCHF had rallied towards 0.9160 levels post FOMC on August 19. The exchange rate is trading lower towards 0.9070/80 for now, and might further gain as the US Dollar is expected to remain strong over the next several weeks. The exchange rate might be taking cues from the Jackson Hols Symposium to be held over the next week.

Global equity markets were mixed yesterday with most Asian and European Indices closing in the red. Hang Seng was down over -1.5%, Nikkei around -1/0%, FTSE down over -1.10% and DAX down over -0.5%. The SPX500 managed to erase its previous losses and futures are trading around 3390 as we prepare to publish. Investors might keep a close watch over the next few sessions as risk aversion could continue.

Technical Analysis:

Ethereum bulls clocked in yet another high around 448.00 mark early this week. The crypto has since reversed lower and hit the 400.00 mark. It is trading around 414.00 as we prepare to publish and might be preparing to resume lower again. A break below 363.00 would be encouraging to bears.

Ethereum has posted a meticulous rally between 89.50 lows in March and 448.00 highs through August. Ideally, the crypto should retrace the entire rally to at least fibonacci 0.618 levels, which is seen passing through the 225.00 zone.

A drop below 363.00 and ideally towards 310.00 would confirm that Ethereum is underway to produce a meaningful corrective drop against 448.00 highs. Most aggressive traders might be preparing to initiate fresh short positions around current levels (414.00), with a protective stop around 450.00 and projected targets towards 225.00 respectively.

Prepared by

Harsh Japee, Technical Analyst.

Ethereum Chart

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