Big Picture: Ethereum’s prior short-term consolidation range gave solid support once more throughout its test. The bulls will now bear the burden of the move, as price has maintained critical levels and will need to add onto momentum to reach higher levels in the coming hours of the session. However, if the price goes below the consolidation range support, the trend may shift towards selling.
On the Upside Ethereum is currently focusing on the resistance levels of 2320 to 2340. These are significant resistances that must be overcome in order for Ethereum to make its way back towards the congestion zone, which ranges from 2405 to 2425 levels. For bulls to regain aggressively strong momentum, strength above the congestion zone is essential.
On the Downside the levels 2305-2295 are positioned as the primary support levels. This range includes both the dynamic and horizontal support levels. Furthermore, staying above this range will let the bullish momentum prevail. Meanwhile, any breach below this supporting zone sends price back towards the 2270 level, while the 2250 to 2240 support band remains exposed as well. This is the critical S/R level that price must maintain to avoid a retest of recent lows.