1-Day Analysis:
Big Picture: Price has been on track for some improvement during the previous several sessions. However, Ethereum is once again approaching the congestion zone, which has been a big challenge throughout the month of September. In the current month, Ethereum was unable to close even a single session beyond this congestion zone. Furthermore, this range has a number of significant S/R levels that have played an essential role in recent weeks and months. While strength beyond 1660 remains important for Ethereum to be able to push for some stronger aggression.
On the Upside Ethereum is poised to retest the levels of 1620 to 1630. The significant EMAs and a solid horizontal level continue to occupy this level. The EMA-26 is currently the trend-following EMA, and it has been gradually pushing the price lower. Furthermore, this EMA has remained unbroken over 65 trading sessions. Overcoming this barrier would be a favorable development for bulls, allowing the price to bounce back towards the 1660 level next.
On the Downside the primary support is believed to be established between 1600 and 1595. This level was formerly a resistance and is now expected to be transformed into a support. The next supports stay unchanged below this level, with the initial protection at 1580, followed by 1565 and 1550. Successfully converting the primary levels into supports would be a boosting bonus for the bulls in returning towards 1660.
