1-Day Analysis:
Big Picture: Overall price structure shows that ETH has outperformed BTC in recent days and has not dropped as much as BTC. However, the upcoming resistance at…… is likely to be a key region to monitor. If ETH can overcome it in a strong manner, it is likely to continue rallying and could aim to fill the CME Gap. However, if rejection occurs, range lows are likely to be exposed once more.
On Upside we are fast approaching a major resistance at 2170-2220 area. This region has multiple resistance confluence that will make it hard for price to overcome on first attempt. However if ETH starts to stronghold above 2230 a move towards 2300-2330 could be seen.
On Downside initial support is seen at 2040 followed by 1960. If these levels are breached once more then the next support region comes out lower once more at range lows at 1750-1700.
