1-Day Analysis:
Big Picture: ETH failed to deliver a bullish reaction, instead shattered through the supports and triggered a massacre on charts. Bears are still holding tight and appear to be in total control, exposing ETH to further lows. The breach of the 2620 area has once again exposed ETH to range lows. The lows are now predicted to respond partially.
On Upside Several new resistances have been discovered. The initial intra-day resistance is noted around 2470, followed by the next barrier at 2510. If ETH can break over these levels, it will most likely go on to 2570-2610. Above that, the key resistance level at 2620-2650 rests. Unless and until ETH rises above these levels, the bearish sentiment is likely to persist.
On Downside the initial support level is seen at 2300. This level has served as a reasonable support level numerous times inside this range, but the bearish sentiment is quite strong this time, raising the possibility of price breaking through and exposing price to deeper lows around 2155. This is the final line defense before the higher time frame range lows at 1800-1700.
