1-Day Analysis:
Big Picture: The continued consolidation of Ethereum has gradually improved the oversold circumstances and allowed the EMAs to mean revert towards the price. Furthermore, the EMA-50 and EMA-200 are closing towards a death-cross pattern, implying further pressure in the coming sessions. However, EMAs under a broader range are frequently uncertain and have little significance. However, this might still increase short-term pressure and risking March’s support level.
On the Upside Price lost an intra-day support level of 1662 in yesterday’s session, which is currently forming a resistance level. The initial resistance level for Ethereum is 1662, followed by 1685 and 1710. Bulls have generally stayed weak since the August 17th sell-off, failing to challenge any primary or major resistance levels since then. Additionally, Ethereum’s upside will be restricted unless it successfully breaks through the 1710 barrier.
On the Downside Yesterday, the price fell through many levels until finding some support at the level 1565. Ethereum fell below the support levels of 1650 to 1630, as well as 1605 to 1595, but sellers were unable to hold onto the hyper move due to oversold conditions, which quickly paved the way for aggressive short-coverings, which dragged price back up and validated these support levels. The session’s initial support is under target once more as sellers want to breach below 1630. If sellers are able to breach this level again, the price will be exposed to 1605 to 1595 initially, with room for 1565 remaining.
