1-Day Analysis:
Big Picture: Ethereum’s harsh rejection of 1350 has triggered a major sell-off. The indications of weariness were already heighted in prior reports and now breaching below 1280 has accelerated that decline. It is set to put some vital support levels to the test, and demand must step up and provide protection. If demand does not appear, sellers are likely to drop prices even further.
On the Upside the price range of 1340 to 1350 remained far too intense for buyers to clear on their first efforts. Ethereum has lost a few important levels, which are now expected to reappear as resistances. The initial resistance level is 1240, followed by 1260-1265. Above that the congestion zone will get relevant once more as resistance. To re-attempt the 1340-1350 levels, Ethereum would need to clear 1300 once more.
On the Downside supports from 1220 to 1205 are currently being tested. These have historically been good supports and can provide some protection to Ethereum. If these supports are breached, Ethereum is projected to fall back into the 1170 to 1165 area, and possibly even lower into the 1075 region.
