1-Day Analysis:
Big Picture: Ethereum formed a Tweezers Top candlestick price pattern on the 4-hour timeframe, resulting in intra-day profit-taking. These intra-day strong profit-takings are occurring as a result of the current overbought circumstances and the presence of major resistance above. In addition, on the daily, a shooting-star-like pattern was developed, causing some intra-day pressure over the previous session. Bulls should be better prepared for the consolidation phase over the next few days, since any additional hyper moves could lead to exhaustion, even if only temporarily.
On the Upside new intra-day resistances have been identified on lower time frames. Intraday resistance has emerged at 3430, followed by levels between 3445 to 3460. These are the first obstacles for the day. Above these, the next milestone is 3520, which was tested yesterday and resulted in severe selling pressure. Above 3520, the next level is Range-Top, which is 3580. This is another powerful resistance level that, if tested, may result in significant profit-takings.
On the Downside the prior intraday possible supports of 3480 and 3440 were unable to be converted into supports. After slipping below them, Ethereum dropped towards 3300 level, just a few points shy of the 3280 support level. However, during the session, some partial supports are seen at 3380 and 3360 levels. Below these, the 3300 level would be exposed once more and possibly towards the 3280 support level.
