1-Day Analysis:
Big Picture: Ethereum is likewise in a consolidation period after a significant sell-off a few sessions ago. The price has returned to the March support levels, which were later challenged in June and met with a similar reaction, causing the price to rise in just a few sessions. Ethereum is now in the similar zone, although the reaction is taking longer as consolidation intensifies. Ethereum is currently weak and might break through these supports if bulls do not step up in the next sessions.
On the Upside Ethereum is still facing significant resistance from the level of 1685. Another session was capped at this level as bulls refused to initiate any strength. Lower-time frame oversold circumstances have witnessed multi-year lows, which has weakened and scared the bulls away from making any advance without a good base formation. Ethereum will be under pressure as long as it is rejected from the levels of 1685 and 1710. While acceptance over 1710 would allow for a corrective surge higher initially towards 1740 to 1750 levels.
On the Downside the initial support level of 1662 is presently under pressure. Ethereum will have strong session support between 1650 and 1630 levels, and as long as this range holds, the price will escape any significant fresh sell-off. However, if the hyper selling resumes and breaks below this supporting territory, another collapse can be expected, aiming for 1605 to 1595 levels with room for additional drop towards 1565.
