Recently, Ethereum has been trading sideways, the price could hardly test the short term resistance level 921.80, and is currently rallying with a slight bearish bias. Sellers are still in control, we expect the corrective wave (4) to extend to the lowerside but should not go beyond the supportive zone 671.11-557.95, where we'll be looking to buy the impulsive wave (5) with an ultimate target at 1390.01. Any violation of this target may push the price further upwards towards 2000.00 or even higher. This view can only be invalidated in case the price break below 672.11, this being the case, we'll wait for another break below 557.95 to confirm a rally towards 247.47.
Trade Recommendations:
Buy ETH around 672.11 towards 1390.01.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
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Bob Stan
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