1-Day Analysis:
Big Picture: Across the previous several sessions, Ethereum’s price action has been flawless. Upon acceptance over the 1680 level, there was a strong surge into higher levels. Furthermore, Ethereum has experienced some other encouraging indications, including the highest daily session close in over 190 trading sessions and the formation of its first Golden Cross since May 2020. These few positive signs are beginning to accumulate for Ethereum, and if buyers can step up and maintain momentum, a significant gain remains possible. Sellers, on the other hand, must pull it below 1720 to 1680 levels to induce fresh selling pressure.
On the Upside buyers were successful in obtaining intra-day acceptance above the 1780 level but are struggling greatly above the 1820 level. Ethereum must break over the 1820 mark in order for its upside to expand into higher levels around 1880, followed by 1910 and 1950. This is where some profit-taking remains possible.
On the Downside price is attempting to establish the 1780 level as an intraday support level once more. This would be another bullish catalyst for Ethereum, possibly assisting in the price aiming to rise beyond 1820. While any breakdowns below 1780 would expose Ethereum to support levels ranging from 1730 to 1720. This is again another strong intraday supporting zone where buying pressure is expected to emerge. A positive reaction is still expected from this supporting zone, but any strong selling beyond this region would send price back into breakout-based supports, which for Ethereum are essential to maintain in order for its bullish momentum to continue smoothly.
