8-Hour Analysis:
Big Picture: Bulls were able to maintain the breakthrough levels as price retested the range. Furthermore, the bullish divergence that was forming on lower-time frames suggested that sellers were in a weak spot despite their short-term success. With stronger volumes, Ethereum is pushing back higher, indicating not only short-coverings but also waves of fresh buying. As long as the breakout range persists, Ethereum is expected to head towards the weekly resistances.
On the Upside the session’s first resistance level will be 2300. Meanwhile, the major intraday resistance levels are around 2320 and 2340. This is where price may have some challenges in maintaining its strength. However, if bulls establish control over 2340, Ethereum is expected to move higher into the 2380 and 2420 levels next, with space for 2500 as well.
On the Downside Ethereum is seeking to re-establish support levels in the 2280-2270 zone. As long as this range is maintained, price can move into a stronger position. Additional supports have begun to develop beneath this major support range, from 2250 to 2245. This range includes the 4-hourly EMA-50, which will provide as additional assistance during the day. Meanwhile, any pressure build-up below 2245 will derail the prevailing trend, pushing price back into deeper supports.
