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Ethereum continued its sell-off into Wednesday printing fresh lows around $1,012 before pulling back. The crypto is seen to be trading around the $1,110 level at this point of writing and is expected to resume the rally towards $2,500 up to $3,500 levels soon. Bulls might remain inclined to hold prices above the $1,000 interim support.
Ethereum is facing immediate price resistance around the $1,920 mark and a break higher will confirm that bulls are back in control and that a meaningful bottom is in place. Intermediate support is seen through the $1,000 mark and a break there will confirm further downside towards the $900 mark, going forward. However, it is possible that the price will push higher.
Ethereum has carved a meaningful larger degree downswing between the $4,850 and $1,012 levels as seen on the daily chart. In this process, it has taken out three major price supports around $1,700, $1,550, and $1,300 respectively. Ideally, prices should at least produce a meaningful corrective rally, pushing higher through the $2,450 and $3,500 levels respectively.
Potential rally through $2,500 against $900.
Good luck!
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