1-Day Analysis:
Big Picture: Once price was able to break through the congestion zone, Ethereum bulls seized absolute control. The month-long consolidation eventually broke to the upside, resulting in a major impulsive candle. Moving forward, Ethereum remains aggressively strong and has effectively shifted into a possible hyper bullish phase.
On the Upside price almost tapped 2650 level before running into intra-day profit-takings. The indicators are now starting to move into extremely overbought conditions which suggests that bullish momentum is getting stronger. Price could partially consolidate below 2650 before re-testing this level. Ethereum is likely to open 2680 next followed by 2720 and 2800 levels once price starts to break beyond 2650 level.
On theDownside 2580 is establishing itself as the immediate support level. Below 2580, the next support round is around 2540, which is 25% retracement of the recent advance. Both of these levels are likely to provide sufficient protection throughout the session. Meanwhile, the major supports are the breakout-based support levels between 2400 to 2430. In addition, the 50% Fibonacci retracement is just around these levels, adding to the support levels.
