1-Day Analysis:
Big Picture: Ethereum maintains its year-long range lows support and has provoked another solid recovery off that level. As previously said, continued support off the range lows will exhaust the bears, causing them to sideline and allow for powerful short-coverings. Going forward, this rebound will require additional strength and momentum to move further high. Eth is now trading well away from the EMAs, suggesting that it may revert to them in the next sessions as re-test levels.
On the Upside Eth is now about to encounter a number of obstacles. The EMA-12 Daily at 1912 is anticipated to function as the day’s opening resistance. Following that, we have horizontal resistance seen between 1915 and 1940. This is a critical area for Eth to regain in order to maintain momentum. If this level is successfully reclaimed, the upside is expected to extend into 2000, with 2050 as the next probable goal.
On the Downside the 4-hour EMA-50 provides initial assistance at 1877. Since March 15, 2022, this EMA has not been properly retrieved and withheld. As a result, price is presently attempting to establish strength above this level once more. If this level of support is breached, the next level of support is visible in the 1820-1810 area. This is most likely a good intra-day support level.
