ETH-“Channel Top Approaching”

8-Hour Analysis:

Big Picture: After an interval of consolidation, Ethereum is pulling another wave towards the higher levels. Ethereum ends up testing the channel top following a significant reaction from the bottom levels. Going ahead, the overall channel is bearish in nature due to its alleviation trending downwards. As a result, bulls will need to break out of this channel in order to initiate a bullish wave aiming for 1920 and recent highs.

On the Upside, Bulls stepped up in yesterday’s session and drove the coin to rise significantly. Ethereum smashed many intraday milestones, including the 1780 barrier, and moved on to the previously stated 1820 mark. This marks a significant level of resistance for Ethereum. Price has significant resistance between 1820 and 1840 levels. Ethereum is expected to continue challenging this resistances, while a strong breach of this range would extend the upside further towards 1880, followed by the short-term range highs at 1920. At these resistances, expect massive profit-taking.

On the Downside the recently regained levels of 1790 to 1780 will be the primary and major support levels for the session. The next intra-day supports are from the dynamic levels of EMA-50 and EMA-32, which are at 1765 and 1750, respectively. Expecting these supports to withhold any element of surprise for the session.