Big Picture: Ethereum’s recent two to three sessions have been volatile, but bulls emerged as apparent winners within the prevailing range. The bulls are presently putting up a strong challenge in the congestion zone, and they want to break through to higher levels. If bulls can get acceptance above the congestion zone, Ethereum may see a short-term shift into a hyper-bullish phase.
On the Upside the daily congestion zone is from 2400 to 2430 levels. Above this, Ethereum has plenty of opportunity to expand towards the 2480 and 2520 levels. This upper zone of resistance may pose some challenges for the pair, but overcoming 2520 puts bulls in a strong position to push for 2650 and 2720 as next targets.
On the Downside 2380 is projected to transition into a support level. Bulls if hang on to this support level will have a far better chance of breaking through towards higher levels. Meanwhile, failing to convert 2380 as support level puts the price vulnerable towards the 2320 level. EMA-12 is presently positioned at 2320.