ETH-“Pivotal Support Levels Under Test”

12-Hour Analysis:

Big Picture: Price has remained under continuous pressure after going below the EMA-32 and trendlines. Furthermore, Ethereum is now trading at a historical pivotal level that has had key significance. Holding the present support levels is completely favorable for the Bulls who wish to maintain this bullish outlook. As losing the present support levels has nearly resulted in a far larger sell-off for Ethereum. Any short-term deviations below this level will keep buyers in charge, but any pressure buildup below these supports will result in lower levels in the coming sessions.

On the Upside multiple intra-day resistances have been reintroduced. The initial resistance is evident between 1495 and 1505, followed by 1520. The next band of resistance is visible above this region at 1540, followed by 1570. At 1570, the price will retest the EMA-32 and the lost trendline. Both of these resistance levels are anticipated to restrict any initial retests and force intraday profit-taking.

On the Downside Ethereum reaches a critical support level between 1490 and 1470. This level has maintained prices over the weekend, but it is still vital for buyers to preserve this level further since it has historical significance. If these supports are breached, Ethereum may experience another aggressive sell-off, sending prices lower around 1420 to 1400. These levels roughly correspond with Fibonacci retracements of 50 to 61.8%, indicating that aggressive short-coverings are possible at these levels.