1-Day Analysis:
Big Picture: Ethereum is now trading in the middle of the range on a higher time-frame. This range stretches from 2500 to 2130 on the upside and 2130 on the bottom. Meanwhile, above 2500, the pair enters another significant range to the upside, while below 2130, the pair enters a lower range. Furthermore, as long as Ethereum remains above the 2130 mark, the pair has a strong breakout and is expected to gradually transition price higher over the next few days and sessions.
On the Upside 2320 and 2340 have once again capped Ethereum’s climb. This level has been seen as a big hurdle for the price in returning towards the recent highs. These resistances continue to be the key challenges for the session. Above 2340, the next resistance levels are at 2380, 2420, and 2500.
On the Downside the support level has been lowered to 2260 to 2250, where a good 4-hourly demand level has been holding the price for several hours. Furthermore, a number of lower-time frame EMAs are converging in this zone, adding to the supportive levels. If sellers can break through this supporting level, the decline might continue into 2230 and potentially 2200.
