1-Day Analysis:
Big Picture: Previously, the presence of liquidity beyond 1660 became the reason for the main upward surge. Bulls have struggled to gain any advantage beyond the 1660 level in September and have often failed in their attempts. Bulls, on the other hand, were able to initiate a hyper move on the first day of October, breaking past practically all intra-day barriers and challenging the EMA-200 mark. A quick rejection occurred, causing the price to fall. Surpassing the EMA remains critical for Ethereum to target the channel top.
On the Upside Ethereum is now trading just under the 1660 mark, which is cause for concern. If the price of Ethereum starts to hold above the 1660 level, it may force a partial recovery. Managing over 1660 successfully leads next towards 1680, followed by 1700. The strongest restriction, however, remains in the shape of the EMAs, 200 and 250.
On the Downside price has returned to the supporting range of 1630 to 1620. Ethereum was able to withstand more pressure at this level and is also printing a hammer candlestick pattern, indicating a turnaround. Such recoveries are expected to continue as long as the price is able to hold the support zone between 1630 to 1620 levels, while losing this supportive range pulls Ethereum back towards 1565, followed by 1550 levels.
