1-Day Analysis:
Big Picture: Ethereum held sellers at the breakout-based support once again and initiated another strong recovery. It was indicated that buyers had the upper hand as long as they maintained the breakout levels. Going forward, Ethereum is challenging the 1820 level, and a session closing above this level would be another positive confirmation, perhaps boosting and reviving the declining momentum in favor of bulls.
On the Upside price is approaching the all-important resistance level of 1820. This precise level has limited Ethereum’s upside potential for the previous two weeks. A break over this level is anticipated to relieve pressure and allow Ethereum to advance further, initially into the 1850 level, followed by 1880 and 1910 level.
On the Downside the selling pressure failed to push the price back into the prior range of 1715 to 1500 levels. Over the previous two weeks, the price has been restricted at 1820 and sustained at 1715. Once either side wins, this consolidation range is anticipated to break. Nevertheless, sellers got their chance in the past two trading sessions but failed to achieve their objectives, resulting in a price reversal. For the session 1780 is seen as the initial support level. The next support is once again at 1730 to 1715 levels.
