ETH-“Bullish Efforts Needed”

1-Day Analysis:

Big Picture: Ethereum has frequently tested immediate resistances as well as the daily EMA-50, but despite several tries, price has not been able to make any sustained or momentum-based advances higher. Only once in the recent two weeks has price been able to go higher, and even then, it closed below the immediate barrier before the session ended. The Bulls are in desperate need of momentum to overcome this major challenge.

On the Upside over the previous 14 sessions, the levels between 2320 and 2340 have shown to be a significant barrier. This level has consistently resulted in profit taking. If bulls can successfully flip this resistance, the upside is expected to extend higher towards the congestion zone between 2405 and 2425 levels. The congestion zone is a comparable layer of barrier that may serve as another major resistance. Meanwhile, before the congestion zone, some slight resistance exists between 2385.

On the Downside 2305 to 2295 remained relatively weak supports, but 2270 stepped up as a solid support level, enough to withstand a few rounds of heavy selling. This support keeps bulls’ prospects for a higher break alive, as breaking below this support could hinder the momentum and create a fall towards the 2250 to 2240 support levels.