1-Day Analysis:
Big Picture: Bulls were unable to break through the 1280 resistance level. It was mentioned as a pivotal S/R level going forward. According to historical data, whenever price is trading above the 1280 level, it is in a bullish grip and tends to move higher frequently, whereas price trading below this S/R level, it is under pressure to the downside and has a higher probability of re-testing lower supports. Furthermore, Ethereum is now trading in the 1280-1000 range and may consolidate here for some time.
On the Upside Ethereum price action is becoming more intense as new resistances are added along the way. The initial resistance is now set to be at 1140, followed by 1155. Both of these levels are likely to put buyers off. Above these levels, the next set of resistance is visible at 1180. Lately, this level was providing decent intra-day support. It is now likely to act as a strong resistance. At this level, intraday profit-taking is likely. The re-establishment of Ethereum’s strength above this level will allow for a much smoother move to the 1230-1240 range.
On the Downside there are several intra-day supports between 1105 and 1075. Ethereum is expected to take a breather around these supports during the day. However, if the pressure continues and these supports are breached, the price will likely fall back towards the 1015-1000 range. Since June, these supports have held the price and are expected to prompt aggressive short-covering and price recovery.
