ETH-“Momentum Remains Strong”

1-Day Analysis:

Big Picture: Ethereum has entered a hyper-move as its price crossed the psychological 2000 threshold. Ethereum had been lagging behind Bitcoin recently, but with its most recent move, the price has roughly gained levels with other pairs. Ethereum maintains its immense momentum and continues to aim for higher levels. Having said that, profit-taking on strength would again be a reasonable approach.

On the Upside In the recent few trading sessions, Ethereum has gone through a number of resistances. The price is now going for the 2165 level, followed by the 2225 level. At these levels, expect heavy rounds of profit-taking. Furthermore, lower-time frame oscillating indicators are severely overbought, which will encourage profit-taking if the price continues in this direction. Strength over 2225 will take Ethereum next towards 2280, followed by 2315.

On the Downside fresh supports have been developed at levels ranging from 2030 to 2000. These are the most recent breakthrough levels and are likely to hold plenty of fresh demand if price re-tests them. Price should honor these levels on any initial re-tests. Below them, the next level of supports are at 1970 to 1950 levels, followed by 1910 to 1880. However, the price going below the 2000 level in the current session is quite unlikely.