ETH – “Play the Levels”

1-Day Analysis:

Big Picture: Ethereum is trading just below a vital S/R level. This level has been effective for several months. Price was genuinely respecting these levels as supports. Now that these supports have been broken, the price is now facing resistance from them. If buyers are to re-establish this as a key support level, it must be reclaimed in the coming sessions. If this occurs, the downside will be considered a range deviation. Continuous rejections of 1280 can trigger another wave of drop.

The Upside still 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 several intraday supports have been suppressed, and Ethereum is now attempting to take support from the 1225-1215 levels. Then, at 1200, the next level of support is monitored, followed by 1180. The previous sessions took support from both of these zones, but the 1180 level was the most important. These levels will continue to provide adequate support for Ethereum. However, if there is an aggressive sell-off, Ethereum will remain open for 1050-1015 levels. As a result, risk management is highly recommended in these circumstances.