1-Hour Analysis:
Big Picture: Ethereum attempted for an advance over its past week’s high, but it was unable remain above these levels, resulting in a short-term divergence above the previous high. Ethereum would need to recoup strength above the resistance zone to initiate another upward push; in the meanwhile, sellers would need to counteract any such developments in order to initiate a short-term corrective cycle.
On the Upside the weekly opening resistance levels range from 3515 to 3522. An initial effort at these levels failed to sustain. Going forward, bulls will need establish strong dominance above these levels in order to push higher into the 3580 mark, which is Ethereum’s 2022 range-top. The bullish aggressiveness may offer the upside a much more vertical structure if a foothold over 3580 is established.
On the Downside the 3490 to 3480 levels have been re-established as potential support levels. This level of support is protected by both horizontal and quicker dynamic supports. However, if Ethereum fails to maintain these support level, the downside could push back into the 3460-3450 support levels. If tested, this range is expected to result in some short-term recovery. Meanwhile, below this area, the next crucial supporting levels are 3380 and 3350.
