1-Day Analysis:
Big Picture: Ethereum saw yet another struggling and dry session. Ethereum’s dull momentum is harming overall trading activity. Volume levels have dropped to their lowest point since January 2023. Volumes and activity are anticipated to increase and improve following the breach of this challenging ongoing range. Ethereum will continue to remain flat and sideways till then.
On the Upside breaking through the short-term range highs between 1920 and 1940 levels may significantly improve Ethereum’s outlook and momentum. Sustaining above the congestion zone with strength would result in new excitement and involvement, aiming for the psychological levels above. However, there is still intraday resistance between the levels of 1880 and 1900.
On the Downside the EMA-50 and the supportive range between 1830 and 1820 levels continue to keep Ethereum from engaging in additional aggressive rounds of profit-taking. These are important and well-established Ethereum support levels. Breakdown of these supports, however, exposes Ethereum to the next supporting range of 1790 to 1770 levels. This is yet another strong supporting range for Ethereum that could lead to a potential reversal. Failure to retain this range, on the other hand, would be a setback for bulls, who would then be vulnerable to some further pullbacks.
