Big Picture: Bulls failed to turn the short-term bullish structure around, as sellers gained instant control around the support levels, dragging Ethereum deeper into its main breakout-based support zone. Presently, Ethereum could develop a falling wedge formation, indicating that the downside is more likely to be correction then selling. Meanwhile, Ethereum’s positive reactions towards the supports boosting hopes for a better outlook. However, due to the current conditions, risk management is now advised.
On the Upside 2500 will be the session’s initial barrier for Ethereum. This level contains the previously driven EMA-50, which was ultimately broken after eight days. The upside is only possible if price reclaims the EMA-50 level. Failure to do so would keep the price under pressure. Strength over the EMA-50 would allow the upside to return towards 1520 and 1550 levels initially. With the Pivotal S/R level remains at 1590.
On the Downside the primary supports for the session are 2455 and 2445, followed by important supports around 2425 to 2405 levels, which are breakout-based. This prior breakout zone remained a big challenge for several weeks, and similar style support is now expected from this region. The downside is likely to be protected as long as this support zone persists.