1-Day Analysis:
Big Picture: The EMA barrier not only halted the bullish trend but also created a new wave of pressure for the bulls. The initial impact from the barrier remained strong, and bulls are likely to struggle off this level if attempted again. For the bullish trend to continue, price must overcome this barrier with aggression, which would open the way to higher resistances and, most likely, the channel top.
On the Upside a few of minor intra-day difficulties have resurfaced. The price will first encounter resistance at 1680, followed by 1700. Above these levels, the next resistance levels are 1720 to 1730. However, the primary resistance for the session comes from the EMA-200 and EMA-250 levels, which are now around 1732 and 1737. Only after breaking over the main EMA levels is the next significant rise possible.
On the Downside the price has returned to the significant level of 1660. This level was the key barrier for the whole month of September, and price was finally able to break over it after several efforts. This level continues to be an important support level for Ethereum. Holding this level would maintain bullish domination; however, losing this support could lead to additional problems for the bulls, exposing Ethereum next to the 1630 to 1620 levels.
