Relevance up to 08:00 UTC–4
Ethereum is again testing the $1,700 support on Friday. The crypto dropped to the $1,728 mark before quickly pulling back to $1,750 at this point of writing. Bulls are still holding prices above the $1,700 mark, keeping the structure constructive for an extended rally towards $3,000 and up to the $3,500-3,600 zone.
Ethereum seems to be working on its recent upswing between $1,700 and $2,015. Prices have retraced beyond the Fibonacci 0.786 levels but the structure remains intact until $1,700 holds well. If the above scenario is correct, a sharp bullish reversal could be expected towards the $3,000 level in the near term. A push above $2,015 will accelerate the price towards the above-projected targets.
On the flip side, if bears are successful in breaking below the $1,700 mark, they might print a shallow low between $1,600 and $1,700 before finding support again. The structure would still remain constructive as a larger degree corrective wave is just about to unfold towards the zone of $3,500-3,600. Please note that $3,500 is close to the Fibonacci 0.618 retracement of the entire downswing between the $4,850 and $1,700 mark respectively.
Potential rally through $3,000 and $3,500 against $1,500
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade