1-Day Analysis:
Big Picture: The bulls pushed extremely hard to preserve the lost breakout zone. However, earlier reports indicated that the momentum was once again swinging towards the bearish grip even though if partially for the re-tests. Ethereum witnessed significant selling pressure after losing its prior breakthrough levels.
On the Upside Ethereum could see 2250 become a level of resistance. Meanwhile, this could function as the principal resistance for the session. Above this, the next resistance levels are 2280 and 2300. Any short-term push back into these levels could result in heavy selling pressure. Bulls are now under pressure and would require something very significant to reverse the ongoing selling pressure.
On the Downside Ethereum is rapidly entering another strong supporting zone, which may result in some significant intra-day short covering for the time being. The initial support on the daily timeframe continues to be around 2250, but below it, the next support is at 2210, followed by the daily EMA-100 level at 2175. This EMA provides protection for the lower breakout support zone between 2150 to 2130 levels.
