1-Day Analysis:
Big Picture: The congestion zone knocks Ethereum down once more. This range has historically been significant for price action and continues to remain as a crystal clear S/R level for Ethereum. Sustaining above this level has favored short-term buyers since mid-June, while sustaining below it has kept prices under pressure.
On the Upside a latest addition of resistance in the 1260 region. Above this is the major resistance zone, which has been limiting Ethereum’s upside potential for over 30 trading sessions. Key horizontal and dynamic resistances occupy this range. The daily EMA-50 level is still the most important. Ethereum requires more aggression to break through this major resistance zone between 1280 and 1300. If this range is successfully breached, price might very well move towards 1340-1350.
On the Downside Ethereum re-tested the most recent expansion zone and found some intraday support. These supports have been identified in the 1245–1240 range. These supports are expected to hold fairly well, but if they are breached, Ethereum is expected to fall back into the 1220 range and may very well target the 1205 level before seeing any decent bounce.
