1-Day Analysis:
Big Picture: Ethereum has confirmed a continuation candle above the weekly Morning Star Candlestick Pattern. Ethereum had the highest volume over the last five weeks, indicating that bulls continued their extraordinary domination over the last week. That dominance was further confirmed as the price almost completed the week at strength. Moving ahead, Ethereum is getting acceptability over the Mid of Range-Mid, which is a significant milestone. If this can be strongly held, Ethereum will open up to the range-highs.
On the Upside the intraday resistance is presently around 2920. Over the previous several hours on the lower time frames, a possible shooting star appeared in this region, indicating that this would be a strong resistance for the day. Meanwhile, due to the bulls’ dominance, the price could be expected to break through this barrier as well, eventually moving towards 2965 and the psychological resistance level of 3000. This is where some profit-taking cannot be ruled out.
On the Downside fresh intra-day supports have been added at levels of 2880 and 2860. These levels now maintain horizontal support levels; but, over the coming several hours, a number of lower-time frame dynamic EMAs will position themselves in these levels, increasing the region’s supporting strength. Ethereum’s downside will be limited as long as these supports hold. Furthermore, if sellers want to drive the price lower, they must first break these supports. Only then will Ethereum be exposed towards levels between 2820 to 2800.
