1-Day Analysis:
Big Picture: Bulls are refusing to let go of the EMA-250 level and are still battling for it. Ethereum reacts to numerous support levels and takes another good bounce. This rally must soon offer a break over the 1680 level barrier in order to pursue higher levels in upcoming sessions. Having said that, there are grounds for concern that necessitates aggressive risk management for the bulls. On the lower time frame, Ethereum is forming a head and shoulders pattern, which threatens the upward momentum and could offer fuel for a reversal.
On the Upside at the 1620 level, Ethereum confronts channel resistance. It must break through this falling channel resistance to go farther and target the 1640 resistance level next. Above here, the next significant resistance comes at 1680. This is a significant barrier level that must be overcome for Ethereum to maintain its bullish momentum. Congestion has been witnessed in this zone in recent sessions; nevertheless, a successful breakout above this level leads towards 1735 next, followed by 1790 to 1820 levels.
On the Downside price hung on to the EMA-200 support level and recovered. In addition, the other quicker trailing EMAs are now nearing the price. Going forward, the indicators have mostly cooled off, and if Ethereum is to go higher, the upcoming sessions will be crucial in terms of relevance and potential for a rise. If price falls below the EMA-200 support level at 1520, a deeper pullback is anticipated, with objectives of 1480 and 1435 in the upcoming sessions.
