ETH-“Dead-Cat Bounce Continues”

1-Day Analysis:

Big Picture: Short-coverings keep the dead-cat bounce going. ETH is currently one of the most stable coins, however this does not make it bullish. ETH might attempt to correct more to the upside and target the late sellers. Unless and until it remains a foothold over 2800, the overall trend remains bearish.

On Upside the price range of 2430-2440 is now restricting the upside and functioning as a decent intraday resistance. If ETH can break and hold this level, it will very certainly continue to advance towards 2480, then 2520, and eventually 2580. There are many big resistances shown here, which are likely to hinder the upward movement once more.

On Downside the initial aid is now formed at 2405, followed by 2365. If ETH breaks through this level, we may witness a decline to 2280-2265. This level is predicted to act as a decent support for the day, perhaps protecting the downside. If this level is breached, 2230-2200, followed by 2155, will very definitely be seen again.