Ethereum has rallied through $2,750 mark on Thursday, almost break out of the consolidation range. A push above $3,040 would accelerate through $3,300 mark and subsequently towards the $3,800-4,000 range. Bears shall remain inclined to be back in control thereafter and drag below $2,100 levels going forward.
Ethereum is within the last leg of the corrective phase, which began since $2,100 lows. The first corrective wave terminated around $3,300, while the second wave completed around $2,300 levels respectively. Since then the crypto has been working to push through $3,800-4,000 levels, to terminate its entire corrective rally.
Ethereum had earlier carved a meaningful bearish boundary between $4,850 and $2,100 levels. It is been retraced and could reach the Fibonacci 0.618 levels around $3,800-4,000 zone before turning lower again. Only a push through $4,200 will confirm that bulls are pushing towards all-time highs.
Trading plan:Potential rally towards $4,000 against $2,100
Good luck!