ETH-“Initial Rejection of 2170”

1-Day Analysis:

Big Picture: The powerful bounce of the range lows caused by ETH shows that this support is still quite strong in nature. However, a comparable reaction from resistance is also being seen. ETH is once again at risk of becoming caught between key levels on both sides. Expect volatility within the range, and failure to break the resistance will almost certainly result in a re-test of the range lows. However, effectively breaking through the resistance zone will prolong the corrective upswing to higher levels.

On Upside The 2165-2170 resistance area has witnessed first rejection. There are several significant resistances between 2165-2300. As a result, ETH bulls are going to have a difficult time breaking above these levels. If this level is surpassed, the upside is anticipated to continue towards 2440, followed by a potential re-test of the EMA-50 Daily.

On Downside the earliest intra-day support is evident around the 2000-1990 range. After that, we have the next support levels at 1950, followed by the strongest intra-day supports in the 1925-1900 zone. These supports should ideally hold to maintain ETH bullish on lower-time frames, but if breached, range lows are likely to be exposed once again.