ETH-“Caution Advised”

1-Day Analysis:

Big Picture: After failing in their initial effort, sellers have attempted to regain control of the short-term trend near resistance levels. The sellers are keeping an eye out for a greater move this time. A critical trendline is being tested currently. Holding this level for a little longer may result in intra-day short-coverings, while losing this trendline support will expose price to lower support levels.

On the Upside new intraday resistances have been added at the 1980 and 2000 levels. These levels will make it difficult for active buyers for the day. Surpassing these would enable a re-test into 2115, followed by 2145. Strength over 2145 is now required for buyers to make another significant price increase.

On the Downside the multi-week trendline is currently acting as a level of support. This level of support is presently at 1940. Buyers, on the other hand, are having difficulty maintaining the price strong above it. If this is lost, the price would fall lower into the EMA supports of 32 and 50, which are located at 1890 and 1825, respectively. Furthermore, the breakout-based supports have now coincided with the EMA-50, making this support level considerably stronger and more significant.