8-Hour Analysis:
Big Picture: After a few days of consolidation, the bulls were able to initiate the Ethereum’s breakthrough. As soon as price broke higher there was a short-term pause caused by profit-taking. Bulls were able to absorb the remaining selling, and a strong push to the upside has been observed. The momentum indicators are heading towards overbought levels, indicating that momentum is gaining strength. Furthermore, there is still good room for the price to rise, although partial profit-taking on strength remains a possibility.
On the Upside the primary resistances for the session is at 2270 to 2280 levels. These levels were also a key milestone for the breakout targets and as they are met, there could be fresh rounds of profit-taking as well. Once 2280 is crossed, the second wave of upside is anticipated to begin, with the next round aiming for 2320 first, followed by the 2400 mark, where weekly Ethereum resistances are likely to arise.
On the Downside Ethereum is still vulnerable to a drop into the levels between 2205 to 2195. If the price re-tests this area, some support may be found. The stronger supports, however, are positioned lower in the 2165 to 2150 range, followed by breakout support at 2130.
