ETH-“Congestion between 1280 to 1300”

1-Day Analysis:

Big Picture: Some significant attempts have been made to get back above the congestion zone. Ethereum is targeting this level once more, and a break might lead to an expansion phase that seeks higher levels in the current session. Moreover, profit-taking on strength will be a better approaching with aggressive risk management keeping in view the current conditions.

On the Upside Ethereum is now testing the congestion zone. The buyers will have to be really aggressive to break this. A solid break and hold above 1300 will likely take Ethereum towards 1340 and 1350 levels. Another round of profit-taking might be witnessed here. On lower timeframes, this is powerful resistance that might potentially cap the upside, therefore caution is advised around these levels. Strength over this level, on the other hand, will be a very bullish indication, establishing goals around 1385 to 1425 levels next.

On the Downside additional supports have been added at levels 1265 to 1257. A much stronger round of intra-day supports lie between 1245 to 1240 levels. This specific support region must be held or Ethereum will be exposed back to the 1220 range levels. The immediate downside will be guarded as long as 1240 holds.