1-Day Analysis:
Big Picture: The months-long consolidation ended with a sell-off, resulting in significant long liquidations. Ethereum’s relative strength index (RSI) indicator has dipped to levels seen in June of last year, where Ethereum’s price established an important bottom and has since then has been on gradually ascend. Going forward, Ethereum has some great weekly supports to the downside that could assist in halt the current selling and make way for some corrective pull-back higher.
On the Upside Ethereum repeatedly tested the level of 1685, but each time the price failed to break through. This level remains the first resistance level, followed by the next resistance level at 1710. Strength above 1710 remains pivotal for Ethereum to fill some higher levels of inefficiency. Price could soar to levels between 1740 and 1750 if strength exceeds beyond 1710.On the Downside Ethereum’s supports have been holding up nicely. The initial support from the 61.8% Fibonacci retracement has kept the price from falling any further. Furthermore, a push into the 1650 to 1630 support level was noticed, but the price swiftly rebounded after testing the levels. Ethereum, on the other hand, continues to remain weak and under the authority of sellers. Oversold circumstances may have halted the previous sell-off, but if Ethereum fails to gain acceptance above 1710 levels, these supports will face additional pressure.
