1-Day Analysis:
Big Picture: Ethereum has cooled off somewhat over the previous several days. Similarly, its volumes have improved slightly in recent days. In the near term, Ethereum has developed bullish divergence on the daily time-frame, indicating a dissonance between the price and oscillating indicators. This indicates that the downtrend is weakening and that sellers should be cautious in their selling efforts.
On the other hand, while this is a bullish addition for the bulls, divergence, unless it wipes out an important barrier, may continue to be effective for some time. As a result, the bulls must do more to gain sustainable control of the trend.On the Upside after yesterday’s decline, the lost resistances have reappeared. The initial barrier for Ethereum will be around the 1660 and 1680 levels, followed by 1700. However, the major resistance for the session remains at 1710, which must be overtaken for price to witness panic short-coverings and re-target the levels of 1740 to 1750.
On the Downside the March’s supportive region between 1650 and 1630 held the price once again. Despite such heavy selling pressure, the price has yet to break through this support level. This demonstrates that the price has a very strong support presence in this zone, and as long as this region holds, sellers will be under pressure for the time being. This zone protects the price from going below towards 1565 level.
