FX.co ★ Trading plan for Ethereum for April 28, 2022

Technical outlook:

Ethereum continues to hold above its recent swing low carved around $2,765 mark. The crypto is seen to be trading around $2,880 levels at this point in writing and is expected to accelerate higher toward $3,800-4,000 zone in the next few trading sessions. The bottom line for the above structure to hold is that prices should stay above the $2,200 mark.

Ethereum has already carved a meaningful downswing between $4,850 and $2,140 as depicted on the daily chart. The crypto is retracing after the above drop since $2,140 lows and is expected to terminate between $3,800 and $4,000 mark. Also note that $3,800 is close to the Fibonacci 0.618 retracement of above drop.

A high probability remains for a bearish reversal if prices manage to reach the $3,800-4,000 zone. Ethereum is about to resume its last leg rally within the corrective phase and extend prices beyond $4,800 mark. Bears will remain inclined to be back in control thereafter and drag prices lower towards $2,140 and lower.

Trading plan:

Potential rally through $3,800-4,000 zone against $2,140.

Good luck!