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Ethereum dropped more than expected through the $1,710 low on Friday before bouncing back sharply. The crypto is seen to be trading close to $1,800 at this point in writing and is expected to continue higher towards $3,000 at least. It is seen to be carving a Pin Bar / Hammer candlestick pattern on the daily chart after bouncing off $1,710.
Ethereum bulls are now looking determined to come back in control and produce a religious rally towards $3,000 and up to $3,500 in the next few trading sessions. The crypto is unfolding a corrective rally (potential standard flat) since the $1,700 lows and is expected to rally into its last wave higher towards the $3,500 mark.
Ethereum is retracing its larger degree downswing between $4,850 and $1,700 and is expected to terminate it around the Fibonacci 0.618 retracement, which is seen at around $3,550 as seen on the daily chart. Traders might be preparing to add further longs now and carry on through $3,500 before reversing.
Potential rally through $3,500 against $1,700
Good luck!
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