1-Day Analysis:
Big Picture: Ethereum’s momentum has entered a vertical phase, indicating some hyper bullish excitement from the bulls. Price has not even re-traced to the EMA-10 level since early February. Such assertiveness, especially with day-to-day volume increases, is a significant success for the bulls. At this point momentum indicators continue to show strong momentum; yet, the intense conditions necessitate improved risk management and profit-taking along the strength.
On the Upside Ethereum is gaining momentum over the 3395 mark, allowing bulls to target the 3580 resistance level, which also serves as a key Range Top. Meanwhile, just below this significant resistance, there is a partial intraday challenge at 3530. Bulls need to exercise caution when trading around the range top, as heavier profit-taking may occur. Meanwhile, if the trend continues, the upside might move considerably higher, into 3680 and 3720.
On the Downside multiple intra-day support are being developed. The primary support levels for the session have now been raised to 3480 and 3440 levels. These levels can tolerate slight intra-day profit-taking, but because to the overheated conditions, panic profit-taking can quickly push the downside to the 3280 and 3220 levels, which are the day’s stronger supports.
