1-Day Analysis:
Big Picture: Ethereum is now being held back by the range high, which coincides with the congestion zone. To have any hope of moving higher, Ethereum must break through this level. Furthermore, on lower timeframes, this range is now forming a converging triangle. For Ethereum to confirm the pattern and aim the 1280 zone, a clear break above 1230 is necessary.
On the Upside the lower time frame congestion zone between 1220 and 1230 is still preventing price from rising higher. Ethereum must break through this level to initiate a move higher towards 1250, where the daily EMA-50 is present. If price gains acceptance above the EMA-50, a significant advance towards the 1280-1300 zone is indeed anticipated.
On the Downside Ethereum now has various intra-day supports between 1210 and 1205 levels. These supports have been working well since yesterday. Furthermore, a trendline-based support is now present around the 1199 level, which will be important. Moreover, Ethereum’s major supports are still active at 1190 to 1180 level. Ethereum has extremely significant downside protections; but, unless 1230 and 1300 are surpassed, these levels will continue to be tested again and again.
