1-Day Analysis:
Big Picture: Buyers have had the upper hand in recent sessions, and with the breakout in place, the momentum driving responsibility remains with the buyers. If buyers fail to capitalize on the presented chance in the next few sessions, active sellers would seize control of the charts, even if only briefly. Furthermore, returning to the previous range would only add fresh pressure to Ethereum, exposing it to lower supports.
On the Upside Ethereum has formed a number of intraday resistances. The first resistances appear at 1740 level, followed by 1765. Above these levels, the major resistances are positioned around 1780, 1800, and 1820 levels. This region has previously been mentioned as a major profit-taking area for Ethereum, and that buyers would require significant resolve and determination over 1820 level to have next range levels opened.
On the Downside the prior range low levels and intraday supports combined to provide Ethereum with support once again. Sellers attempted and nearly succeeded in breaching significant support at 1715, but were left with unconvincing results as the candle closed back above the support level. Besides, if buyers fail to step up and push price back up, the mounting selling pressure is likely to remove out these 1715 support levels as well as the breakout supports between 1680 and 1650.
