ETHUSDT UPDATE
1-Hour Analysis:
Big Picture: Yesterday, Ethereum closed with a spinning top candlestick, indicating some uncertainty about the upcoming sessions. Bulls, on the other hand, have responded quickly and are working for a strong higher close, which, if accomplished, would cancel out the spinning top formation. Furthermore, sustained strength at current levels is likely to keep bulls strong and focused on towards the psychological challenge of 4000.
On the Upside after breaking out of the pattern, Ethereum rebounded towards the 3900 level and this time managed to advance higher into the first target zone of 3950. This level, however, is posing an intra-day challenge for the price; nonetheless, if bulls achieve another move above this level, Ethereum may rise higher into 3980 and the 4030 mark next.
On the Downside the recently obtained level of 3905 has been primarily converted into a support level. If this level can be converted into a firmer support, Ethereum’s upside potential is expected to improve. However, any drop below this level would expose the downside towards the 3880 level, which is supported by both horizontal and hourly EMA-32. Both of these are important supports for the day. However, Ethereum’s most important support levels are between 3740 to 3725.
