ETH-“Choppy Price Action Could Continue”

1-Day Analysis:

Big Picture: Ethereum’s price briefly surpassed yesterday’s peak before plummeting. As previously said, Ethereum is predicted to become incredibly choppy and challenging. It has now been fluctuating in a minor range for the previous 5 trading sessions. This is the first sideways movement since the bullish rise began. Ethereum might either re-test lower supports and then go higher, or it could consolidate here for a while longer before moving higher.

On the Upside the EMA-250 has precisely limited the upside. Previous tries at this level have all ended in intraday selling demonstrating that this level has strong resistance. It is a must-break level for Ethereum to continue rising; failure to do so would open the door to aggressive profit-taking. If the price breaks through this barrier, it is projected to climb higher into 1625, followed by 1640 and 1680.

On the Downside yesterday, the EMA-200 was tested, and it kept prices from plummeting further. However, the reaction has been mild and not as expected, therefore better risk management is needed as losing this support could drive price down towards 1495, followed by 1460 and 1435, where several re-test based supports sit.