ETH-“Choppy Price Action To Continue”

1-Day Analysis:

Big Picture: Following a strong bullish move, Ethereum had another calm session. For the time being, Ethereum is trapped between the significant EMAs of 200 and 250. Unless either of these EMAs is violated, it is projected to consolidate between these levels. Price movement above the EMA-250 indicates strength, while price movement below the EMA-200 indicates further rounds of profit-taking.

On the Upside the EMA-250 is presently acting as a strong resistance level at 1604. This remains a key obstacle for Ethereum. However, exceeding this level would provide a significant boost for buyers, who are then predicted to aim at the 1625 level, followed by the 1640 mark, and maybe much higher into the 1680 region. This level of 1680 has not been breached since mid-September, and a major wave of profit-taking appears imminent at this level.

The Downside remains the same with initial support being offered by the EMA-200 level at 1505. As long as this support level holds, any aggressive profit-taking event is unlikely. If the price goes below this level, it may re-test the key breakout-based supports between 1495 and 1435. Furthermore, the oscillating indications for Ethereum are still severely oversold.