ETH-“Breakout Leads the Direction”

1-Day Analysis:

Big Picture: The ranges of Ethereum are narrowing with each trading session. The market is currently in a very steady consolidative downturn. This situation is likely to change by either breaking below the year-long low support level or exceeding the falling channel resistance. Eth is expected to stay choppy and uncertain till then.

On the Upside On a daily basis, Ethereum is now trading below all significant EMAs. indicating that the driving power is still with the bears However, initial resistance is evident in 1824, followed by 1885. Above 1885, the next barrier is in 1915. To reach the 2000 milestone, Ethereum would need to retake these levels. This level at 2000 is quite important, and a breakthrough over it offers up a large upside to 2100-2150, followed by 2300.

On the Downside For the past few hours, the 1780 and 1760 levels have been holding the downside. These are powerful intra-day supports, but losing them exposes the range lows around 1720 and 1700. This is a critical level for Eth to maintain in order to avoid further hyper selling events. Loss of this support would be devastating to bulls, making them vulnerable towards 1580, 1415, and 1290.