ETH-“Play the Range”

Big Picture: Ethereum is once again seeing intraday demand at the range lows. If price can consolidate further around these levels and maintain psychological lows, a push back into intra-day resistance followed by range highs is attainable. However, failure to maintain this range will drive Ethereum towards lower support levels. Furthermore, as liquidity is present outside of the channel, manipulative acts could well be observed.

On the Upside initial resistance is currently being observed at 1075 level. Holding this level with strength will extend the upside initially towards 1110 followed by 1150-1175 as the next resistance levels. These are the levels that Eth has to retake in order to regain short-term momentum. Breaking over these intra-day resistance levels, however, leads to the congestion zone around 1250-1280, followed by the 4-hourly EMA-200.

On the Downside price found intraday support between 1130 and 1140. Since they are fresh supports, they require further confirmations. However, important support levels remain at 1118 and 1000. Bulls are safe as long as price stays above the psychological support level of 1000; failure to do so increases the likelihood of a run down to the recent lows.