1-Day Analysis:
Big Picture: Bulls gained substantial momentum in recent days, as Ethereum experienced bullish price activity for the first time in several weeks. Ethereum is presently on its seventh consecutive session with a positive close. Moving forward, the relative strength index is approaching oversold territory, but there is still plenty of room on the indicators to make further advancements. The reaction of Ethereum to the daily EMA-200 and EMA-250 would be crucial. Strength above these EMAs will result in another strong push higher, while failing to break these EMAs will result in a profit-taking situation.
On the Upside for the session, Ethereum will find significant resistance from the EMA-200 and EMA-250. These EMAs are currently at levels of 1734 and 1738, respectively. A strong breakthrough above these EMAs is required for Ethereum to initiate another bullish ascent higher. If these EMAs are broken, Ethereum would likely jump towards 1780, followed by the 1820 resistance level.
On the Downside Ethereum is currently transitioning earlier resistance levels of 1730 to 1720 into support levels. This will be the primary support for the session, followed by next supports at 1680 and 1660. Maintaining the support level of 1660 is critical for price to retain its upward momentum. There is still a chance that price could re-test lower supports before continuing to rise. If this occurs, bulls should ideally restrict the fall by the 1660 level, else there remains a possibility of panic.
