1-Day Analysis:
Big Picture: For the previous several sessions, Ethereum has regained the upper hand and is standing considerably stronger than Bitcoin. However, this strength is being capped by the 1680 level. For the previous two weeks, around 7-9 tries have been made at this level, and all efforts have failed to overcome this resistance level. Furthermore, price must break and stay above 1680 in order to accelerate to the upside and confirm the formation of an ascending triangle pattern.
On the Upside Yesterday, Ethereum had a strong session. Ethereum ended the session at a high and began the current session with strength as well, but profit-taking is beginning to show as the candle loses all of its gains around mid-session. The 1680 resistance level has once again limited the gains and prevented price from breaking out. Ethereum must break over this level in order to gather momentum and go higher towards 1720, then 1780 to 1820 levels.
On the Downside decent intraday support is likely between 1655 and 1650 levels. This has been a strong intraday barrier for Ethereum and is now projected to become a support. If price successfully transforms this level into a support, the likelihood of a break through above 1680 improves considerably. However, failure to take support at this level will send prices down, back into 1620 and then into the EMA-32 support level at 1615.
