1-Day Analysis:
Big Picture: Ethereum is currently trading in a range that spans 1280-1015. This range previously sparked a short-term aggressive move that propelled Ethereum above the $2k mark. Price is now trading within that range once more. It is currently holding this region well, but in order to restore short-term excitement, Ethereum must return above 1280 and show some strength. Lower supports, on the other hand, are equally important to hold in order to avoid further panic selling.
On the Upside the 1280 level has been limiting Ethereum’s upside potential. This is a significant barrier that must be overcome in order for Ethereum to advance. Unless that happens, the upside is limited; however, if bulls succeed in breaking through, they will likely target 1340 next, followed by 1450 and 1510.
On the Downside expect to see initial support between 1255 and 1245. Holding these supports will keep the possibility of an upside move alive. Furthermore, if this level is breached, Ethereum is likely to fall back towards 1200, followed by 1180. This support at 1180 is equally important to hold in order to keep selling at bay, as breaking it will re-open recent lows at 1050 and 1015.
