3-Day Analysis:
Big Picture: Ethereum has had a massive breakout surge, with gains topping 15%. However, Ethereum is currently approaching a higher time frame resistance zone, where price pressure may be witnessed once more. Furthermore, the 3-Day RSI indicator reached highest level since September 2021, indicating Ethereum’s current strength. Going forward, unless the resistance is broken, partial profit-taking on strength remains a reasonable strategy.
On the Upside Ethereum is presently testing resistance levels that have not been breached in over 300 trading sessions. Price is likely to face a few challenging issues at these levels. For the session, the initial resistance level stays at 2115, followed by 2145. Above this level, a second wave of resistance is visible between 2165 to 2225 levels.
On the Downside the price has established initial support at the 2075 level. If this support is lost, price will fall through 2045 level followed by 2030. These levels provide solid support and are likely to encourage strong intra-day short-coverings, if not fresh buying. The next level of support below 2030 is the psychological support level of 2000. This level has been reclaimed after 240 trading sessions, and if re-tested, price is anticipated to experience some aggressive short-covering. Additionally, fresh buying might be noted on a re-test of these supports. Furthermore, in the case of severe profit-taking, 1970 to 1950 might be challenged, but have very low possibilities of being tested right now.
