ETH-“Momentum Remains Strong”

1-Day Analysis:

Big Picture: Sellers were unable to gain anything meaningful from the weaker of the sessions, while being open to a corrective phase. The price did fall by a few percentage points, but aggressive buyers rapidly brought it back up. This shows that buyers are likely to view any downturn as a chance to strengthen their positions. The bulls’ position on Ethereum remains strong. 

The Upside remains the same withthe initial resistance level for Ethereum standing around 2115, followed by 2145. Surpassing 2145 would open the next wave of resistance, which would range from 2165 to 2225 levels. At these levels, Ethereum is expected to experience another short-term profit-taking event.

On the Downside Yesterday’s session for Ethereum was protected by support levels around 2075 and 2045. The strong support from these levels prevented sellers from capitalizing any more. These supports are expected to continue at a comparable degree of assistance throughout the session. If these supports are breached, Ethereum will see an additional corrective phase towards the 2030 level, followed by the 2000 mark.