Big Picture: Yesterday’s Ethereum session was incredibly volatile and of mixed nature. Bulls took the lead after regaining the EMA-50, pushing price higher above the immediate resistance, however, just before testing the congestion zone sellers took over and pushed a strong rejection candle, resulting in aggressive profit-taking and selling that erased all gains above the immediate resistance. Expect Ethereum to have an indecisive price action for the day.
On the Upside Ethereum bulls were able to partially breach the 2340 resistance mark while also showing considerable strength above it. However, they were unable to maintain their momentum as price approached the congestion zone from 2400 to 2425 levels, resulting in profit-taking and a challenging intra-day selling. Ethereum’s intra-day resistance levels of 2320 and 2340 have once again been re-established.
On the Downside the daily based EMA-50 at 2307 is now being heavily contested. Furthermore, the selling is presently challenging the intraday supports of 2290 and 2270. Lower-time frames are beginning to show some responses around these supporting levels, but further bullish strength is necessary for price to maintain this support level; otherwise, another dip into 2250 to 2240 levels remains possible.