1-Day Analysis:
Big Picture: Bulls carried out a hyper move after holding the EMA-50 level for a couple of sessions and successfully pulled one. The session encountered little opposition. Price became more aggressive once a breach above the falling channel resistance was observed. Ethereum has finally closed the session on strength after multiple attempts. Profit-taking on strength is recommended for the session.
On the Upside Ethereum is now attempting to break the psychological barrier of 2000. This level was lost on April 19th, and the price has not been able to regain it since. This will continue to be a significant resistance level for the session. Acceptance over the 2000 threshold would strengthen the movement, with higher levels targeted next around 2070, followed by 2130.
On the Downside Ethereum now has several supports ranging from 1960 to 1920 levels. The prior range high levels between 1940 and 1920 levels are projected to provide significant support. This level also contains the prior trendline resistance, which is now projected to operate as a support level. The downside risk is limited as long as Ethereum retains this zone.
