ETH-“Bulls; Breakout Attempts Underway”


1-Day Analysis:

Big Picture: Over the higher time-frames, Ethereum is attempting a major bullish outbreak. This breakthrough might send bulls into a vertical move to the upside, aiming for the upper ranges. Furthermore, the Relative Strength Index is beginning to move into a extremely overbought positions, reflecting the pair’s strong flowing momentum. Although some profit-taking is still encouraged, over the upcoming mid-mid range levels, Ethereum may shift into more significant momentum.

On the Upside after breaking out of 2720, Ethereum had an enormous surge in momentum. That excitement has propelled Ethereum to its highest levels in over two years. However, for the session, the initial resistance level is 2820, followed by 2880, which is in the mid-mid of the range. This is where some partial profit-taking may occur; nevertheless, a bullish shift above these levels provides the upside towards 3000, followed by 3155.

On the Downside multiple intra-day support for Ethereum have developed. Some minor support is offered at the 2765 level. However, extremely strong supports are being positioned below this support level. These supports can be seen from 2720 all the way till 2680. This will now be a crucial support zone for Ethereum, and if bulls can keep price above these levels, the price might aim at the psychological threshold of 3000. To counteract the rising bullish trend, sellers must pull the price below this supporting zone.