Big Picture: Beyond the breakout level, Ethereum bullish momentum moved closer to the weekly resistance, igniting extremely powerful selling rounds inside the current range. Although there was still some possibility for progress, Ethereum’s lack of dominant aggression put buyers on the defensive once more. If the 2130 barrier is breached, Ethereum’s drop might extend into lower supports. Furthermore, the bulls did not capitalize on their earlier position of strength.
On the Upside the levels 2155 to 2160 are acting as very powerful intra-day resistances. Bullish dominance will be required to break through this range. Furthermore, breaking beyond these barriers drives the upside into the 2200 to 2010 area, which is the session’s next round of resistance. Beyond 2010, the pair has plenty of potential to rise, with the next resistance level at 2270.
On the Downside price is testing the 2130 breakthrough support level once more. Previously, this level held solidly resulting in several significant rounds of short-covering, almost bringing price back to previous highs. Ethereum must maintain this supporting level, or else prices will fall further, aiming for the 2070 and 2040 levels before any rebound cycles.