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Ethereum dropped through the $1,797 lows intraday on Thursday before finding support. The crypto is quickly pulling back through the $1,810-20 zone at this point in writing and is expected to turn higher towards $3,000 in the near term. The corrective drop since the $2,165 highs seems to be complete now as bulls remain poised to come back in control.
Ethereum structure is constructive for bulls until prices stay above $1,700. The crypto has produced an Up Gartley terminating around $1,895. It should be now ready to push higher towards $3,000 and up to $3,500 going forward. Also, note that prices have bounced off the Fibonacci 0.789 retracement of its recent upswing between $1,700 and $2,165.
Ethereum is unfolding a counter-trend rally from $1,700. It is expected to terminate through $3,500 in the next several trading sessions. Importantly, the $3 500-3 600 zone is close to the Fibonacci 0.618 retracement of the entire drop between $4,850 and $1,700 respectively. A high probability remains for a bearish turn thereafter.
Potential rally through $3,500 against $1,700
Good luck!
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