Big Picture: Ethereum was able to withstand some selling pressure following some lower consolidation, which eventually enabled the bulls to achieve some impressive rebounds. Though the momentum has been volatile, Ethereum may once again take the lead as bulls resume their ascent to higher levels now that they may have regained control over the EMA-50.
On the Upside there are a couple of hurdles to overcome during the day at levels of 2320 and 2340. Bulls may be able to target the congestion zone higher between the 2400 and 2425 levels if they are able to overcome these intra-day resistances. In the recent weeks, breaching this zone offered bulls a strong push the major goals. Therefore, this congestion range will be crucial once more.
On the Downside the session’s starting support level is 2307 level. The daily EMA-50 presence maintains this support. The next horizontal intra-day supports are located at levels 2290 and 2270 below this level of support. There are also several covers from the lower-time frame EMA levels on these intra-day supports. As a result, this range provides good support for the day.