1-Day Analysis:
Big Picture: After multiple attempts to reclaim the critical S/R level of 1280, Ethereum was rejected. Price is now on its way to re-test lower levels before making another attempt. As previously stated, Ethereum has limited upside as long as 1280 continues to reject the price. Buyers must surpass that level in order to spark a fresh round of short-coverings.
On the Upside minor resistance will be seen at 1215, followed by 1240. The session’s major resistance level remains firm at 1280. This is a significant barrier that must be overcome before Ethereum can resume its upward trend. This is more than likely a corrective phase. However, strength above 1280 will lead to 1320-1340, then 1450 and 1510.
On the Downside Ethereum is testing the 1180 level once more. As of now, this support is working properly and protecting Ethereum from further intraday losses. However, in order to maintain this support, buyers must act in the coming hours. If that does not happen, Ethereum may fall back to 1150, followed by 1105 and could potentially also target the psychological support level of 1000.
