1-Day Analysis:
Big Picture: Ethereum is once again trading at a vital point. If the corrective phase still has strength, the immediate barrier above for Ethereum would be a turning point. The levels between 1620 and 1630 contain not just horizontal resistance but also the weekly EMA-200 level, which has been a crucial trend protection for Ethereum in recent months. Sellers were able to breach below it after repeatedly challenging it for three weeks. This is a critical threshold for both sides in maintaining the trend. Above it favors bulls, and beneath it favors sellers.
On the Upside Ethereum is still struggling between the levels of 1620 and 1630, as well as the barrier of 1660. Ethereum had held the support levels of 1620 to 1630 with force and is now seeing this level as a difficult barrier. If price is able to build a stronghold above this zone, the recent drop can possibly be regarded as a potential deviation that could assist buyers in setting up an aggressive run upward.
On the Downside Ethereum will continue to have its initial support line between 1605 and 1595. While below this support, the next support zone is around 1585 to 1575 levels, where demand is currently strong. If Ethereum can maintain this range, bulls will be in a comfortable position. However, if sellers are able to pull the price below this level, the momentum is expected to derail, even if partially, and Ethereum may get exposed to lower supports.
