1-Day Analysis:
Big Picture: Ethereum is forming a converging triangle pattern. The coin’s next impulsive move will be determined by the breakout of this triangle. A bullish breakout will once again target the 1680 zone and breakout above this resistance will launch price into another bullish run, but any breakdowns of the pattern will trigger a corrective drop with the goal of re-testing lower support levels. Price is predicted to consolidate and stay choppy till a direction is established.
On the Upside price is still confronting the falling channel resistance, which is presently around 1618. Breaking through this channel barrier will provide a short-term lift to the price, allowing it to re-target higher resistance levels in the 1640 zone, followed by the 1680 level. Failure to break 1680 this time will result in a double top pattern, which is still a cause for concern. A breakout over the 1680 level, on the other hand, will accelerate price and open the door to additional upside, first towards 1735, then towards 1790 to 1820 levels.
On the Downside There are several supports between the 1540 and 1520 range levels. A combination of multiple supports has been protecting price in this region from further drops. Ethereum maintaining this zone greatly enhances the chance of a bullish breakout on the upside, but price dropping below the support level of 1520 would almost certainly result in fresh selling, exposing Ethereum towards 1480 and possibly towards 1435.
