1-Day Analysis:
Big Picture: Ethereum’s initial attempt at the previous week’s high failed, resulting in a slowdown; however, on the second effort, price successfully surpassed the previous week’s high of 3525, resulting in an immense upside for the day, aiming for the 2022 Range Top and beyond. Ethereum’s RSI is currently at 86.53, the highest readings since January 2021.
On the Upside 3745 marks the session’s main resistance. This level was challenged in the early hours of the day and as it got tested it led to profit-taking. Price, however, is once again approaching this resistance level, and given the current strength, the barrier remains vulnerable. A stronghold over 3745 stretches the upside towards 3800 and 3890, with opportunity for additional gains.
On the Downside the opening supports for the day are at 3680 and 3670 levels. Ethereum has been striving to convert the 3700 level into a support, which will be a significant lift for the bulls once more. Ethereum’s willingness to hold the 3670 support level will negate any further pullbacks. However, sliding below 3670 exposes the downside towards 3640 and 3600 levels, with room for 3580, which was previously functioning as Range Top.
