FX.co ★ Trading plan for Ethereum on May 23, 2022

Technical outlook:

Ethereum has bounced off its lows registered at around $1,900 last week and rose through the $2,090 high on Monday. The crypto might have carved a higher low at $1,900 and is now inclined to push through $2,450 and up to $3,000 in the near term. Also, note that the potential support zone is still between $1,875 and $1,900.

Ethereum has carved a larger degree downswing between $4,850 and $1,700 over the past trading sessions. The crypto might have carved a meaningful top at around $4,850 and is now poised to correct deeper below $1,700 going forward. Before that, a corrective rally is playing out, which has got potential to push through the $3,500-3,600 zone.

Ethereum faces resistance at $3,000, followed by $3,550 and higher, while interim support is now seen at $1,700 respectively. Bulls might be poised to remain in control until prices stay above $1,700 going forward. Watch out for the rally to accelerate on a break above $2,150 as traders hold long positions for now.

Trading plan:

Potential rally through $3,500 against $1,700

Good luck!