ETH-“Key Supports Approaching”

Big Picture: On the downside, the range expanded as Eth broke through the crucial support level of 1915 and dived to lower supports. Overall, Eth appears to be weaker than Bitcoin and is now channeling in a downward channel. Furthermore, until this channel breaks to the upside, the re-test of Higher Time-Frame Range Lows is likely.

On Upside the first signs of opposition are anticipated to appear about 1870, followed by 1915-1940. This level served as a huge support for a few days and is now expected to serve as an equally important and powerful resistance. Further confirmation is likely to be seen upon the rejection. If rejection is seen then continuation to the downside is the likely outcome, however if this level gets reclaimed then a deviation could be in play once more taking Eth back towards the higher levels. Above 1940 we have next resistance at 2110-2145. A break above this opens the door to more upside into 2220, then 2315, and finally into the 4-hourly supply zone.

On the Downside initial support is being seen at 1820. This level is holding for now, however if breached then we are likely to see 1800 next. Below this level lies the higher time-frame range low supports at 1720-1700 levels. Strong short-coverings are expected here. However, if this level is breached, another round of extreme selling is anticipated.