1-Day Analysis:
Big Picture: Bulls have been able to take advantage of the situation and have raised the price nearly to the range top. There is strong congestion above for Ethereum at the moment which will put some pressure on bulls. Stronghold above the top could prove vital if Ethereum has to run aggressive towards the upside. Gaining momentum over 1730 would signal confirmation of the 3-drive bottoming pattern and shift the short-term price trend positive in the direction of several important levels higher.
On the Upside there is a historic S/R level for Ethereum between 1700 and 1715. The EMA-200’s dynamic resistance is also present in this range, further enhancing the resistance zone. The range-top could be overwhelmed by bulls while clearing the EMA-200 level, which could give them a boost and drive them to push price higher into the levels of 1780 and 1820.
On the Downside to provide early day-to-day assistance in 1660. The 1660 level support is not particularly solid and remains vulnerable towards major profit-taking movements. The session’s stronger rounds of support will be situated between 1640 and 1630 levels. If price gets to see this range maintain, it’s likely to draw some fresh buying. The presence of the lower-time frame EMAs are likewise in this region, further reinforcing the supports.
