1-Day Analysis:
Big Picture: Ethereum on a strong rampage towards the upside where volumes are touching the highest levels last seen in March 2023. The bulls were able to break through the first significant barrier and almost went higher to reach the next resistance. Ethereum bulls continue to retain their strength and push for higher levels. The indicators continue to provide plenty of opportunity for additional gains.
On the Upside Ethereum is currently firmly pushing at the $2650 mark and appears to be in a good position to break over. Breaking through this level will bring out the next level of resistance at 2720 level. Meanwhile, the price might continue to climb and test the channel resistance, which currently stands around 2780 to 2800 levels.
On the Downside 2580 is still holding and is gradually becoming a finer foundation level. Price has repeatedly held this level over the previous several hours. Meanwhile, each touch into this zone resulted in a good bounce back reaction. If this support level holds, Ethereum’s downturn is unlikely to drag on. Below this, the next important assistance levels are 2520 and 2450.
