1-Day Analysis:
Big Picture:
Ethereum continued to show strength over the weekend and has once again surpassed the congestion zone. This will likely keep the momentum poised towards upside. There remain high chances
that Ethereum could go for a retest towards recent highs around 1350 level. Going forward breaking this would be extremely important otherwise a triple top formation could be seen.
On the upside persisted strength above 1310 leads next towards 1325 level followed by 1350 level. This is a major resistance level that has limited any upside breakthrough for over 2 months. A successful breakout above 1350 will initially take Ethereum towards 1380 level followed by 1400 and 1420.
On the downside the congestion zone is now to function as a initial support region. Holding this region will keep the bullish momentum intact and allow for higher levels. However, if price yet again falls below this zone the momentum can slowdown, exposing Ethereum for a re-test of 1250 followed by 1230 to 1220 region.
