8-Hour Analysis:
Big Picture: Volatility remained high throughout the session as price initially confronted heavy profit-taking from the initial target levels and took strong buying pressure from the lower levels. This is clearly creating volatility in the pair. With strong resistances present above and decent supports positioned below, Ethereum could remain under a volatile situation for the coming days.
On the Upside the key resistances for the session are at 2270 to 2280 levels. These were marked as primary targets after the breakout and since testing these price has seen some profit-taking. In addition, to expand the upside once again, a foothold above 2280 would be critical. However, the primary intra-day resistances for the session are at 2210 and 2245.
On the Downside Ethereum has been hovering at 2205 to 2195 levels as it confronts intraday profit-taking after reaching a major milestone higher. These are the session’s initial support levels; however, there are stronger supports present between 2165 to 2150. If Ethereum can maintain price above the recent breakthrough levels, buying pressure is certainly to intensify.
