ETH – “Potential Bull-Flag”

8-Hour Analysis:

Big Picture: Ethereum is also currently under profit-taking grasp. Furthermore, it is currently establishing a bull flag pattern. However, in in order to keep this pattern, the breakout-based supports at 1420 must be held. Holding this region with strength would almost certainly trigger another leg to the upside aimed at higher resistance levels.

On the Upside the session’s initial resistance is seen at 1565, followed by 1595-1600 levels. Ethereum may struggle against these levels of resistance, and it will take serious determination from buyers to flip this level. If this is accomplished, the next leg to the upside would then initiate, with aims at 1625, followed by 1650-1680 range levels.

The Downside the initial support level of 1500 remains unchanged, followed by 1485. These are solid support levels. Following that, 1465 is seen as the next support, followed by the 1440-1420 region. This region is protected by a variety of supports. As a result, expect aggressive short-coverings with the possibility of fresh buying.