Ethereum has been consolidating within a contracting triangle in the past few trading sessions, waiting for a breakout. A break above $2,750 will confirm a break and that bulls are back in control. It will also accelerate towards $3,300 and up to $3,800 levels in the next few trading sessions. Bulls must hold above $2,100 mark to keep the bullish structure intact.
Ethereum has already carved a meaningful downswing between $4,850 and $2,100 mark. The crypto is retracing above the drop and has already completed two waves around $3,300 and $2,300 levels respectively. If the above structure holds well, bulls will remain inclined to push prices through $3,800-4,000 mark.
Also note that $3,800-4,000 range is close to the Fibonacci 0.618 retracement of the downswing as highlighted on the daily chart. Ethereum prices should face strong resistance if managed to reach there as bears remain poised to be back in control.
Trading plan:Potential rally through $3,800 against $2,100
Good luck!