1-Day Analysis:
Big Picture: The daily candlesticks continue to show signs of weakness as the price tests the key resistance zone. If this important S/R level is consistently rejected, price may move towards lower supports. Any deviations above this level will also be regarded as a bearish retest. To turn this selling pressure around, strength above 1280 must be maintained; otherwise, the sellers will have the upper hand on the trend.
On the Upside an intra-day hurdle will be encountered between 1230 and 1240. Above this comes the major resistance, which must be converted into support for Ethereum to continue rising and regaining lost ground. This is a significant resistance, but due to a lack of liquidity, Ethereum may be able to continue higher towards 1320-1340 levels. However, unless there is consolidation above 1280, the base formation will remain weak, and any upside move will quickly be challenged.
On the Downside the initial intraday support level is 1210, followed by 1200. Below this is a stronger support level at 1180. This level has held up well over the last few sessions. However, if Ethereum fails to break through the 1280 level on a consistent basis, this level will become extremely vulnerable, exposing the price to a further decline towards 1150, then 1105, and possibly towards the 1000 mark.
