3-Day Analysis:
Big Picture: Ethereum’s structure has long been poised to make a strong upward rise. After maintaining its momentum yesterday, Ethereum unleashed aggressive bulls that not only broke the psychological threshold of 2000, but also challenged the 52-week high. Ethereum is currently reaching a higher time-frame breakout threshold, over which it is expected to experience vertical price ascend. As of now, the Bulls are maintaining total supremacy.
On the Upside Ethereum nearly reached level to level with the 52-week high before coming to a halt. The session yesterday ended strongly and is expected to stay so. Furthermore, if the price begins to maintain above the 52-week high, this strength could result in additional upside for the pair. This would then propel bulls towards the 2200 level, followed by 2260 and 2320.
On the Downside numerous intra-day supports have been added. Ethereum’s primary support is presently at 2080, followed by 2050. Below these levels, Ethereum is anticipated to find significant support between the 2000 to 1980 levels. This region would continue to be essential for bulls. As long as the price is over the 1980 level, sellers are likely to struggle.
