ETH -“Hold 1700 Level & Continuation Likely”

1-Day Analysis:

Big Picture: On a daily, Ethereum maintains its strength and has been consolidating for some time. This was a much-needed consolidation to cool-down the indicator. Ethereum is likely to make a move soon. On a similar time-frame, Ethereum is gradually forming a converging triangular pattern. Furthermore with massive liquidity present above recent highs, this still remains to be a price target for Ethereum.

On the Upside Ethereum has room for a move towards 1820 next followed by 1865. These levels may prompt intra-day profit-taking, but if momentum continues, the next target would be 1920. This is a significant resistance level for Ethereum, expect aggressive profit-taking around this region.

On the Downside At 1700-1710, there is once again significant support. This level is protected by strong horizontal support as well as the daily EMA-100 level support. As long as bulls can keep this level in control, there is little danger of a further pullback; nevertheless, losing this support would expose Ethereum back to 1680-1650, and potentially to 1600.