1-Day Analysis:
Big Picture: Yesterday, Ethereum saw a volatile session in which both bulls and bears searched for a move, but no participant was able to conclude the session on strength, resulting in another mixed closing. For the time being, Ethereum is trading above the daily-based EMA-50 level, which is a sign of comfort; nevertheless, bulls should preferably lead a breakout above the 1920 zone, or else the downside levels are likely to reopen.
On the Upside Ethereum yesterday attempted to break through the initial resistance zone, but failed. These levels are expected to continue holding the session’s key resistances at 1880 and 1900. Surpassing these levels sends the price back to the short-term range highs of 1920 to 1940. For the time being, this is the biggest obstacle to Ethereum’s progress towards higher levels.
On the Downside the EMA-50 level triggered a strong reaction in Ethereum. The EMA-50 remains Ethereum’s first line of support. The next supports below this level range from 1830 to 1820. This is yet another strong supportive region. Holding both of these important supports will help Ethereum’s positive outlook. Loss of these supports, on the other hand, raises profit-taking pressure on the price, exposing it to a drop towards 1790 to 1770 next.
