1-Day Analysis:
Big Picture: After sellers failed to sustain a short-term hyper move, the door were opened for buyers to gain a short-term edge over the trend and push price to see some short-covering. Bulls took full advantage of the situation yesterday, forcing some significant intra-day short-coverings. However, because to the general weaker conditions, Ethereum also failed to initiate anything significant and remained limited to some decent short-coverings.
On the Upside Ethereum had a strong session, primarily due to short-coverings. As price held onto the 1630 support level, selling became worn out, allowing bulls to take control, first targeting the 1662 resistance level. A huge squeeze into 1700 was noted when this barrier of 1660 was breached. However, as the price hit the 1700 level, there was an immediate rejection, which negated the momentum and blocked any further advance. For the session, Ethereum will face partial resistance at 1685 and 1700, while the major intra-day barrier remains around 1710. A sustained break over 1710 would allow for some more upward push into the levels of 1740 to 1750.
On the Downside price is expected to find fresh support between 1660 and 1655. The next level of support comes at 1640. These are the session’s intra-day support levels, which will likely protect against any minor selling moves. However, the session has stronger support presence at 1630. This will be an important mark for the bulls to maintain because failure to do so exposes Ethereum down into 1605 to 1595 levels initially, with space for more downside.
