Ethereum climbed through $1,380-90 during the Asian session on Tuesday after reversing from $1,280-85 over the weekend. The crypto is seen to be trading close to $1,385 at this point in writing and is heading towards $1,450 and $1,550-70 in the near term. Ideally, prices should hold above the $1,270-80 interim support to keep the bullish structure intact.
Ethereum had earlier dropped from the $2,031 highs through $1,220, carving a meaningful downswing. Please note that the drop was in three waves and hence corrective in nature. Furthermore, prices found support through the past resistance-turned-support zone and the Fibonacci 0.618 retracement of the entire rally between $800 and $2,031.
A high probability remains for a push above $2,031 in the next several weeks. Initial resistance is seen through $1,790-1800 and a break higher will confirm a further upside. A minor rally is expected to reach up to the $1,550-80 zone, which is the Fibonacci 0.618 retracement of the recent downswing between $1,790 and $1,220.
Potential rally through $1,790-1,800 against $900