1-Day Analysis:
Big Picture: Despite a strong start, Ethereum ended the day with little gains. The bulls had complete control until they approached the congested zone. When the price came into contact with higher resistances, it lost momentum, resulting in severe intraday profit-taking. Price, on the other hand, has begun strong again, and bulls will attack the congestion zone for the second time in the previous two sessions. Once again, Ethereum has to overcome the 1660 level, which has been a major obstacle in September.
On the Upside price is once again approaching the 1620 to 1630 area. Yesterday, the price took a beating from this exact region. Ethereum will confront challenges as it strives to surpass this threshold. If price can firmly break above 1630, the upside will extend back towards the 1660 mark. Meanwhile, the session’s biggest resistance is at 1660 level.
On the Downside following yesterday’s rejection off the 1630 level, Ethereum went back towards the 1600 to 1595 support levels. This support area was largely able to withstand selling pressure, however on a single occasion Ethereum fell deeper close to the 1580 level, but buyers were able to outweigh any selling and drive price back up. The levels 1600 to 1595 remain the initial supports for the session. Below them, the next supports are seen at 1580, 1565, and 1550 levels.
