ETH-“Consolidation Favors Bulls”ETH-

3-Day Analysis:

Big Picture: Overall, Ethereum has begun to show some upward momentum. Price is presently inside a gradual wedge formation, escaping which could lead to a rapid move to the upside aiming for higher supply levels. Beyond 2180, the pair still has a significant inefficiency that could be filled. However, Ethereum may experience some consolidation or profit-taking over the next few days.

On the Upside any short-term push into higher levels might result in some profit-taking from the pair. The first spike around the 2100 mark yesterday was met with swift profit-taking. Ethereum is anticipated to cause a significant breakout above the 2180 to 2200 levels. Meanwhile, the initial resistance level is 2080, followed by 2100. Above 2100, Ethereum has space for a bounce towards recent highs of 2140, followed by 2160.

On the Downside the intraday support level for Ethereum is 2025. Below this level, the next supports range from 2000 to 1980. Any further decline in Ethereum will be determined by these support levels. If Ethereum maintains these levels, the price is unlikely to fall further. However, if price breaks these levels, a retest of the breakout level at 1940 remains likely.