ETH-“Congestion Around 1240-1280 Levels”

1-Day Analysis:

Big Picture: Ethereum price action becomes intense as it approaches the 1240 to 1280 range levels. This is a vital S/R level for it. While attempting to reclaim it, price was once again rejected. To go higher, Ethereum must convert this level back into support; otherwise, the price will be forced to return to the downside supports. As long as it trades between 1280 and 1080, it is likely to remain choppy. The next trending move will be determined by a break on either side.

On the Upside Ethereum has re-introduced strong intraday resistance at 1180. Above this, the next resistances are located around 1220 to 1230. Furthermore, Ethereum is struggling to maintain above these levels, as daily key levels range from 1240 to 1280. Unless Ethereum breaks through these levels, the upside will be limited to these levels.

On the Downside Ethereum is still finding support just below 1170 levels. However, below these the Fibonacci levels have been readjusted towards 1155 to 1135 levels. These are decent intra-day supports for Ethereum and can provide decent reactions upon testing. However major support for the session still remains at 1080 and needs to be withheld with strength to avoid any further downside slippages.