Ethereum had dropped through $2,700-20 mark over the weekend before finding suppport again. The earlier swing low was registered around $2,765 level, which has been tested marginally. Also note that prices have bounced back and are trading comfortably above $2,860 at this point in writing. Bulls seem to be in control now.
Ethereum is facing immediate resistance around $2,800-3,000, followed by $3,200 levels respectively. A break above $3,000 at least will confirm that crypto is heading towards $3,800-4,000 mark going forward. The corrective drop, which had begun from $3,500 levels seem to be now complete around $2,700-20 levels.
If the above structure holds well, Ethereum bulls will remain poised to push through $3,800-4,000 mark in the next several trading sessions. Further, prices will stay above the $2,300 interim support and continue printing higher highs and higher lows from here on. A push above $3,000-3,200 will confirm that bulls are back in control with respect to price action.
Trading plan:Potential rally through $3,800-4,000 against $2,100
Good luck!