ETH-“Bullish Efforts Needed”

1-Day Analysis:

Big Picture: The Bulls carried the burden of the move, although being in a somewhat better position, they failed to do anything significant during the weekend. However, they maintained the structure and held onto their lead against short-term sellers, but momentum wise bulls continued to struggle. Price may see more activity during the initial session of the week, with an objective of hitting higher levels.

On the Upside Ethereum’s resistance levels remain the same. Price faces sustained resistance from 2320 to 2340 levels. These levels have been a significant challenge over the last four to five trading sessions. Despite multiple attempts, bulls were unable to obtain anything compelling above or around it. The upside is to expand into 2385, followed by 2405 to 2425 levels if this immediate barrier is convincingly breached.

On the Downside there are partial supports at levels 2305-2295. These levels can provide some support, but if bulls continue to fail around the immediate resistances, the decline could extend back into 2270 and potentially even 2250 to 2240 S/R levels. This S/R zone is critical for the pair to maintain if it is to avoid significant short-term selling.