1-Day Analysis:
Big Picture: Ethereum’s hyper bullish momentum lasted for a short time. Sellers, on the other hand, have successfully broken through the trendline. However, the reaction remains below expectations, and no substantial sell-off has occurred as of yet. This implies aggressive risk management for sellers, as the price may witness intra-day short-coverings before continuing downward.
On the Upside the trendline resistance is active once again near the 1942 level. Short-covering will increase when the trendline is reclaimed, perhaps dragging prices higher again into the 1980 to 2000 level. At this level, another significant round of profit-taking is predicted. Additionally, fresh sellers might execute short-orders at these resistance levels.
On the Downside Ethereum’s further decline has been halted by the EMA-32 support level at 1890. The pair’s first reaction has remained positive. Furthermore, this zone corresponds to a reasonable intra-day support level of 1900. There is still some room left in oscillating indicators, but they are approaching oversold territory, so sellers should proceed with caution. If Ethereum falls below the 1900 level, it will fall into the breakout support levels of 1820 to 1780.
