ETH – “Play the Levels”

1-Day Analysis:

Big Picture: Ethereum has been capped at 1280 once more. This level was highlighted as a key barrier for buyers. Unless and until they achieve a footing above this, the selling pressure will remain dominant. Going forward, either consolidation at these levels will absorb the remaining selling, or lower supports will be re-tested to establish a new foundation.

The Upside remains the same with 1280 level as initial and key resistance. 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 Ethereum’s support levels remain operational between 1255 and 1245. Following that, the next level of support is monitored at 1200, followed by 1180. Yesterday’s session nearly took support from both of these zones, but the 1180 level was the most important. These levels will continue to provide Ethereum with adequate support. In the event of an aggressive sell-off, however, Ethereum will remain open for 1050-1015 levels. As a result, risk management is strongly advised in these circumstances.