1-Day Analysis:
Big Picture: Ethereum deviated over the resistance level of 2000, which had previously acted as a key resistance for almost 300 trading sessions. Buyers needed to show momentum over this level in order to initiate another prolonged uptrend. They failed, however, and eventually lost control of the trend as prices plunged below the 2000 level. This has resulted in an aggressive profit-taking scenario, exposing Ethereum to its lower support zones.
On the Upside Ethereum taking heavy resistance from the 1880 level initially followed by the 1920 level. Over the weekend, both of these levels maintained the price under intense pressure. To move higher, Ethereum must break through these resistance levels. If successful, this would result in a re-test of the 1945 level, followed by a probable re-test of the 1980 to 2000 levels.
On the Downside the daily EMA-50 support level has been holding Ethereum from falling any further. The level has paused the decline for the time but is failing in prompting any strong short-covering moves. This shows that for now the sellers have pushed buyers at sidelines. If Ethereum loses its support it is expected to fall deeper towards 1780 first followed by 1750 to 1730 levels.
