Bottom line: Ethereum long term structure remains bullish against 89.50 lows print in March 2020. The crypto might have turned bearish over the near term after having print 488.00 highs on September 01, 2020.Bears might be poised to push through 250.00 levels from here.

 Fundamental Outlook:

USDCHF had raised through 0.9200 mark early this week, up over 200 points after hitting lows at 0.8998 earlier. The exchange rate might be set to gain further as US Dollar is set to rise over the next few weeks. Further drop in global equity markets might help the safe haven US Dollar to rise against EURO, GBP, NZD and AUD.

GBPJPY extended its drop and closed at 135.89 levels, down by -1.5% yesterday. The exchange rate has dropped over 700 pips since September 01, 2020. Pound Sterling collapsed across the board yesterday over Brexit developments yet again.

The EU might not refrain from taking legal action, if UK Prime Minister Boris Johnson does not fulfill commitments within the Withdrawal Agreement. As this news crossed wires, GBPUSD reversed sharply from days’ high around 1.3035 and closed lower at 1.2801, down -1.5%.

Technical Analysis:

Ethereum bears seem to be in control since hitting 488.00 highs early this month. The crypto has dropped through 310.00 lows before managing to pullback. It is trading around 359.00 levels for now and could be looking to resume lower towards 250.00 levels, going forward.

Ethereum has managed to produce a religious uptrend since printing lows around 89.50 levels in March 2020. The crypto might have carved an impulse wave from 89.50 through 488.00 levels respectively. Ideally, an impulse rally is followed by a corrective drop and it might be underway.

Also note that the fibonacci 0.618 retracement of the entire rally between 89.50 and 488.00 is seen to be passing around 242.00 levels. High probability remains for a bullish bounce if prices manage to reach there. The long term rally might resume thereafter.

Most traders might be inclined to initiate fresh long positions around 240/250 levels and choose to remain flat for now. Aggressive traders might hold on to short positions with protective stops above 488.00 and potential target towards 240/250 respectively.

Prepared by

Harsh Japee, Technical Analyst.

Ethereum Chart

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