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Ethereum raised through the $2,150 mark on May 13. Since then, the price has drifted sideways within a potential triangle. The crypto has dropped to the $1,980 intraday low on Thursday and is now pulling back close to $1,995. Bulls are looking poised to hold prices above $1,700 and keep the near-term structure intact.
Ethereum has carved a meaningful downswing between $4,850 and $1,700 as marked on the daily chart presented here. Furthermore, it has taken out its one year support at $1,700 as bears are making efforts to be back in control. Ideally, bulls should now retrace the entire drop before the crypto could resume its downswing.
Ethereum's counter-trend projections are towards $2,950 and the $3,500-3,600 area going forward. Also, note that $3,600 is close to the Fibonacci 0.618 retracement of the above drop, hence probability remains high for a turn lower thereafter. Most traders might be preparing to initiate fresh long positions with a potential target towards $3,500.
Potential rally through $3,500 against $1,500
Good luck!
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