ETH-“Converging Triangle”

1-Day Analysis:

Big Picture: Another session with price restricted to the consolidation range. However, yesterday there was significant selling pressure, which touched the pattern support range later in the session. However, sellers were unable to force a collapse since bulls soon grabbed positions around the support levels. Such a significant bounce from supports suggests that buyers are taking advantage of all available buying chances. Acceptance over the 2080 level, on the other hand, is required to trigger the breakthrough.

On the Upside price is expected to encounter major resistance today between 2040 to 2050 levels, followed by 2070 to 2080 levels. These are two critical levels that must be breached with force in order for the price to gather momentum and channel higher towards 2140, followed by 2160.

On the Downside there are several smaller supports ranging from 1980 to 1970 levels. However, major session support remains in line from 1935 to 1915 levels. These pattern supports have now thrice created strong reactions after getting tested. As long as these supports hold, Ethereum’s downside is shielded; but, a break below 1915 may take Ethereum down towards 1880 and potentially even 1820.