1-Day Analysis:
Big Picture: After pulling out a breakthrough, Ethereum has been trapped within a consolidation zone. Earlier, a similar type of formation was observed in which buyers held the advantage but failed to capitalize on the chance. A similar situation is currently forming, with buyers still having the upper hand yet failing to create the aggressive momentum required to push prices higher. Additionally, if Ethereum starts to break below the previous range top it increases the risk of price falling even lower. In that case the above consolidation would shape up as a deviation which could act as fuel for further selling.
On the Upside Ethereum has consistently struggled to develop any significant strength above the 1800-1820 area. These repetitive rejections are anticipated to lead to an exhaustion, in which price is expected to lose further momentum and strength. To counteract such weakness, Ethereum need back-to-back sessions closing above 1820 and that too with strength. The initial resistance for the session is at 1780, followed by 1800 to 1820 levels. Sustainable strength over 1820 eventually leads to 1875 followed by 1910, and 1950.
On the Downside between 1730 to 1720 levels, Ethereum gained steady support. Also, the 1715 level provides solid daily support. All of these levels are important for Ethereum to maintain, since losing them will almost surely expose the price to further downsides. The emergence of selling pressure below 1715 leads to a decline towards 1680 to 1650 levels. These are breakout-based supports, but consistent failure over 1820 might undermine their strength and expose price to even lower levels.
