1-Day Analysis:
Big Picture: Ethereum had a good session, as the price was able to break through the 1630 barrier for the first time in quite some time and is now attempting to surpass the 1660 resistance, which remains the most important hurdle for the month. Price has tested this zone numerous times in over 60 sessions but has yet to lead a breakout.
On the Upside the price of Ethereum is approaching the critical resistance level of 1660. This is a significant challenge for the session. The upside is expected to expand as the price gains strength over 1660. The next resistances would be 1700 and 1730. For the first time since July 23rd, the relative strength index surpassed the 50 mark level. This is a positive sign for the bulls.
On the Downside price is now likely to come across numerous supports. The daily-based EMA-26 has been firmly crossed for the first time since July 13th. This EMA will serve as Ethereum’s initial support. The EMA-26 is currently at 1637. Furthermore, Ethereum has solid support from the 1630 to 1620 range levels below this EMA. If the bulls can keep the price above these levels, Ethereum’s upside potential will accelerate.
