ETH-“Pressure Persists”

1-Day Analysis:

Big Picture: Ethereum is indeed struggling, and for the first time in a long time, it is showing weakness in comparison to Bitcoin. Ethereum has been dominating the broader market for several weeks to months and has held up strongly against any sell-offs. However, it is still trading far from its June lows, but its price action is becoming weaker by the session. To counteract this possible impact, Ethereum must return above 1300 and preferably begin to sustain above 1350.

On the Upside the initial resistances have now been lowered to 1220 and 1240. Above these, the next degree of resistance comes at 1265. However, the major set of resistances is evident between 1280 and 1300, followed by 1350. Unless and until these are levels are surpassed, the upside potential is believed to be limited.

On the Downside Ethereum has been taking support from the 1170 to 1165 area. This was previously highlighted as a very strong support level. Ethereum consolidating above this keeps the intra-day recovery potential alive. However breach of this support will be a sign of weakness and is likely to accelerate the fall back into the previous double bottom support at 1075.