FX.co ★ Trading plan for Ripple on May 11, 2022

Technical outlook:

Ethereum has either carved a meaningful bottom around $0.46800 early this week or about to carve around $0.44000 before resuming its rally. The crypto is seen to be trading around $0.49600 at this point in writing and is expected to print yet another shallow low around the above mark before terminating its corrective wave.

Ethereum has been dropping since the $1.96700 mark and it has unfolded into three waves (Standard flat 3-3-5) structure towards the $0.46800 mark. Once complete, bulls would be poised to resume higher again towards $1.96700 and higher before facing resistance again. We can expect a meaningful drop thereafter.

Ethereum is facing immediate price resistance around $0.65000 followed by $0.91000 and higher while interim support is seen around the $0.36800 mark as seen on the chart here. A break above $0.65000 will confirm that a meaningful bottom is in place and that bulls are back in control. Most traders might prepare to initiate fresh long positions now.

Trading plan:

Potential rally through $0.65000 and $0.91000 against $0.40000

Good luck!