1-Day Analysis:
Big Picture: ETH was under pressure for yet another day, making it the fifth consecutive red candle. However, as the overall market reach intraday support levels, short-sellers are taking profits in the form of short-coverings. Furthermore, lower time-frame indications are extremely oversold, which might help to hold the pressure and allow for some upward corrective. However, as long as ETH remains below 2800, every upward movement will be viewed as a chance to short on strength.
On Upside several resistances can be seen, but the initial resistance for the day is evident at 2410-2430. If ETH can break over this level, it will most likely continue to rise towards 2480, then 2520, and finally 2580. Multiple significant resistances can be seen here, which are likely to limit the upward once again.
On Downside Initial assistance may be found at 2365. If ETH breaches this level, we may see a minor drop down to 2320-2300. This level is expected to operate as a good support for the day and might protect the downside. If this level is breached, 2230-2200 will most certainly be seen again, followed by 2155.
