ETH-“Breakout Leads to Higher Prices”

1-Day Analysis:

Big Picture: The volatile conditions persisted over the weekend as both sides attempted to gain control of the trend. Ethereum is still within the range, but it is re-testing the top band of the range, and a bullish breakout would lead to higher prices. On the other hand, aggressive profit-taking is still recommended on strength.

On the Upside Ethereum is now testing the 1220 to 1230 range. These have recently been quite powerful resistances for Ethereum, and they have played an important role in short-term trend moves. If Ethereum gains momentum above these levels, a further push higher is anticipated, initially towards the 4-hourly EMA-50 at 1247.50 and then into the 1280 to 1300 range levels. If these levels are re-tested, expect partial to aggressive profit-taking. At these levels, the price will face significant difficulties.

On the Downside several good intraday supports have been re-established. Expect price to find initial support near 1205-1210 levels once more. Below them, the next strong supports are located at 1190 and 1180. These precise supports kept the price from plunging any further previously. Ethereum is expected to honor these supports during any future re-tests. If these supports are breached, Ethereum is expected to fall into the 1165 to 1150 support range.