Big Picture: Ethereum is finally gaining momentum, which is pushing the price upward and in a more sustainable manner. It was previously said that if Ethereum can maintain its breakthrough levels, a move higher is likely in the following days. Such a move has finally occurred, and there is still some opportunity for more upside into the 3-Day Resistance zone.
On the Upside when the price broke the 2320 barrier, there was a rapid spike that swiftly propelled Ethereum towards the 2380 level. Some profit-taking is now being noticed here, but based on the reaction, the strength might soon outweigh the selling pressure, propelling Ethereum further higher into 2425, followed by 2550. The 3-Day Golden-Cross formation has been a significant boost to Ethereum’s momentum development.
On the Downside the session is currently likely to have a strong breakout support level of 2320. Ethereum may probably retest this level before heading higher. Meanwhile, sellers aiming to counteract any higher moves would require the price to fall back below 2320 in order to contain the growing aggression and lead to a decline towards 2280 next, possibly even 2250.