Bottom line: Ethereum long term structure continues to remain bullish against 89.50 lows since March 2020. The currency has reversed sharply from 488.00 highs early this month and bears might be prepared to push towards 240/250 levels in the next several weeks.

 Fundamental Outlook:

USDCHF continued to gain and managed to close above 0.9250 mark yesterday. The exchange rate might be well bid in the next several weeks as US Dollar continues to strengthen. Furthermore, if global equity markets and other risk assets like Gold, Silver, and Oil extend their drop; we might see the exchange rate reach up to 0.9500 mark.

GBPJPY has dropped close to 1000 points from its September 01 highs around 143.00 levels. The exchange rate has been under pressure as Sterling has remained weak on Brexit woes while the anti-risk Japanese Yen has gained due to risk aversion. There might be some relief over the next few days and GBPJPY might reach 138.00 mark.

Ethereum had dropped from 488.00 highs through 310.00 lows early this month as the US Dollar turned bullish. The crypto trades around 344.00 as we prepare to publish, and might see bids coming in the near term. Investors might be watchful around 400.00 mark going forward.

Technical Analysis:

Ethereum continues to remain in control of bears as they might be poised to push through 240.00/250.00 levels going further. The counter trend drop that seems to have begun from 488.00 highs might gather pace from around 400.00 mark.

Ethereum had dropped through 89.50 lows in March 2020. Since last several weeks, the crypto had remained in control of bulls and managed to carve a religious uptrend towards 488.00 highs early this month. The entire rally seems to be an impulse wave, which should ideally be followed by a correction.

Ethereum bears have taken control since 488.00 levels and the proposed corrective drop seems to be unfolding towards 240.00/250.00. Also note that fibonacci 0.618 retracement of the entire rally seems to be passing through 240/250 zone. Probabilities for a bullish bounce remains high if prices manage to reach there.

Most traders might be prepared to hold short positions and add more towards 400.00 mark going forward. The protective stop might be placed above 488.00 and projected targets towards 240/250 mark respectively. Only a break above 488.00 nullifies the above bearish outlook.

Prepared by

Harsh Japee, Technical Analyst.

Ethereum Chart

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