FX.co ★ Trading plan for Ethereum for February 14, 2022

Technical outlook:

Ethereum drops through $2,800 levels on Monday as projected and expected over the last week. The crypto is just pulling back and is seen to be trading close to $2,830 mark at the time of writing. Bears might be still inclined to drag through $2,600 mark before giving in to bulls with bottomline being the $2,100 mark, which should hold well.

Ethereum had rallied from $2,100 swing lows through $3,300 levels over the last few trading sessions. The upswing peaked over the last week after testing the Fibonacci 0.382 retracement of the entire drop between $4,850 and $2,100 levels. The current drop is just a retracement before the trend could continue higher.

Ethereum has tested the Fibonacci 0.382 retracement of recent upswing as ween here. To complete the gartley structure, we can expect prices to rally towards $2,900-3,000 mark and then revere lower towards $2,600 in the next few trading sessions. Bulls are expected to be back in control thereafter.

Trading plan:

Potential drop to $2,600 mark then rally higher to $4,000 levels against $2,100

Good luck!