1-Day Analysis:
Big Picture: Another solid session for Ethereum is now underway; nonetheless, Ethereum has gained a staggering 14.80% in the previous five days. Volumes were strong during yesterday’s session, indicating excellent bullish activity. Ethereum’s daily momentum indicators are currently approaching very oversold territory for the first time since November 2023. Meanwhile, the higher time frame still provides considerable opportunity for the bulls to capitalize onto.
On the Upside price challenged the 3325 resistance level. Some partial pressure has been observed around this level, but given the momentum, sellers will be unable to prevent prices from rising further towards 3395, followed by the range high at 3580 for a very long period of time.
On the Downside 3280 and 3240 are the session’s key support levels. Over the last few days, bulls have been highly successful in converting prior resistance levels into supports. Furthermore, the aggressive nature of the trend is apparent in the assistance of the price, which results in rapid support conversions. Similarly, holding 3240 maintains the momentum strongly.
