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Ethereum prices rose through the $2,160-65 zone over the weekend, after dropping to $1,700 on May 12, 2022. The crypto has carved a meaningful intermediate low and is expected to develop a counter-trend rally towards the $3,500-3,600 zone in the next several trading sessions. Bulls are now inclined to remain in control and hold prices above the $1,700 mark.
Ethereum has carved a meaningful downswing boundary between $4,850 and $1,700. Furthermore, it has taken out meaningful support around the $1,700 mark as seen on the chart here. Ideally, the crypto should produce a meaningful counter-trend rally reaching $,3500 in the next few trading sessions.
Ethereum is looking to rally through the Fibonacci 0.618 retracement of the above drop between $4,850 and $1,700, which is close to $3,600 as seen on the chart. Also, note that price resistance is seen through the $3,555 level as marked here. The high probability remains for a turn lower thereafter.
Potential rally through $3,500-3,600 against $1,500
Good luck!
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
