1-Day Analysis:
Big Picture: Following a strong recovery, Ethereum is finally taking a breather. This breather was required for the price to maintain this natural motion and avoid any hyper moves. Going forward, Ethereum is now creating a consolidation range with support re-tests; if price can maintain these levels for the next few trading sessions and pull a breakthrough above the falling channel resistance around 1575, then another leg higher is likely. However, the coming several sessions could be rough.
On the Upside Ethereum has seen multiple intra-day rejections of the 1600 level. Furthermore, at that level, price printed a strong evening star, indicating that a breather is now required. Intra-day resistance is currently visible around 1545-1565. Following that, the next resistance is at 1600. To push Ethereum into another round of strong upside, the price must break through the incoming supply near 1645-1680 levels and break over 1700.
On the Downside the price is finding support between 1480 and 1465. The next levels of support are at 1425 and 1335. Here, the major trend driving EMAs combines forces with strong horizontal levels to form a support area. However, Ethereum has formed several good supports on its path up, and another strong support can be found near 1280-1250 followed by 1190.
