ETH-“Multiple Resistances on the Upside”

1-Day Analysis:

Big Picture: ETH was rejected from the resistance zone. ETH initiated a collapse back into the supports after repeated failed efforts on the 2100 level. The pressure will continue to mount in the future, and in order to counteract it, ETH must recapture 1950 and steadily rise higher. Failure to do so will expose range lows at 1800-1700 once more.

On Upside the initial intraday barrier is found at 1950, followed by the level of 2000. Because ETH failed to close above the EMA-32, it prompted intra-day selling. EMA-32 will continue to be a strong barrier in the future. The next important resistance levels are around 2150 and 2170. The presence of EMA-50 at this level is going to make things tougher for bulls. The difficult domain, however, remains there until 2390. Following a price break over 2390, an easier advance towards 2440 is expected. These upside surges, however, are more of a corrective cycle, thus aggressive profit-taking on strength is advised.

On the Downside the early intra-day support is evident between 1925 and 1900. This is a very strong intraday support level, but with the worldwide sell-off, this support remains vulnerable of breaking, exposing ETH to 1870, 1800, and finally the 1700s.