1-Day Analysis:
Big Picture: Ethereum bulls regained control in yesterday’s session, transforming previous strong resistances into powerful rounds of support. This geared up the stage for a far more deeper push into the congestion zone. Sustainable acceptance above the congestion zone might potentially open the door towards recent highs as well as a fresh 52-week high.
On the Upside Ethereum is expected to face immediate intraday resistance at 2455 levels. This will be the session’s initial resistance levels. Above this level, the next challenges is 2520, followed by 2605. This is where some profit-taking could be monitored. As well as maintaining profit-taking on strength remains recommended.
On the Downside the lower band of the congestion zone can be transformed into a support level. Transforming this level into support will continue to benefit the bulls. Holding the level of 2405 is still critical for the session, however below it, the next significant support levels are at 2340 and 2320. Furthermore, the dynamic support of the EMA-50 is once again beginning to trend upwards, indicating a solid supporting level.
