1-Day Analysis:
Big Picture: Ethereum trading below 1280 was almost certainly going to expose it lower towards the support region. It is now desperately trying to cling to the support that was formed around November 9th. However, for the time being, the reaction has been weak, and it will take strong resolve from buyers to defend this level further in order to see some recovery. However, a breach of this support sends Ethereum into psychological support territory.
On the Upside additional intra-day resistances around 1100-1115 Following this, the price faces next resistances around 1140 and 1155. All of these barriers are likely to make it difficult for price to gain immediate momentum. Around these levels, expect choppiness. However, the major intraday resistance level is at 1180. Clearing this level increases the upside potential to 1280.
On the Downside Ethereum is currently trading between 1105 and 1075 levels of support. It is now consolidating between these supports. This indicates that price is finding support around here. Furthermore, this support now requires the re-emergence of buyers to drag the price out of the danger zone. Continuous retests of this support will eventually weaken it, exposing Ethereum to a drop to the 1105-1000 range.
