1-Day Analysis:
Big Picture: Ethereum is testing the year-long range lows once more. Currently taking support at these levels, but price action remains quite heavy as pressure continues to mount. Going forward Eth is also facing a tough call on this level, as this level holds significant importance. This is the level of support that Bulls must protect in order to avoid any hyper-selling towards the lower 1620-1580 zone. Furthermore, continuous protection at this level may exhaust bears, resulting in an aggressive round of short-coverings.
On Upside the first signs of resistance appear in 1800, followed by 1880. The important range resistances are indicated above that at 1910. This level has served as vital support over the previous two weeks, but Eth lost it yesterday and was rejected in a reclaim effort. Furthermore, the 1910-1940 range remains a significant barrier. The EMA-32 and EMA-50 are both located between this range, making it extremely tough for bulls to break through. However, if it is regained, Eth is likely to rise higher towards 2110-2145.
On the Downside range lows are currently protecting further downside. This level of support between 1720-1700 has been effective for more than 400 trading sessions now. This is a massive level that holds the trend for now. Losing this will be a setback for bulls, who are then likely to get exposed towards 1660-1580 initially followed by possibly towards 1415-1290 as next major support levels.
