Big Picture: Ethereum’s session was mostly comprised of selling and sideways price movement. The bulls refrained from stepping up to any level, allowing the price to remain under some pressure and uncertainty leading to lack of action. The volumes on the current selling have spiked, which could suggest some hidden buying from the bulls; nevertheless, if a drop occurs, bulls would need to limit it above the previous week’s lows to have a potential double bottom in place.
On the Upside the session’s opening resistance is 2290, followed by the daily EMA-50 at 2305. Despite reclaiming the EMA-50 barrier, Ethereum is now lacking momentum. Price may continue to be volatile and under pressure as long as bulls remain below the congestion zone. However, acceptance above the congestion zone could swiftly boost the bulls, directing them back towards the recent highs. Meanwhile, over the day, 2340 is a critical mark to cross in order to strengthen intraday momentum.
On the Downside Ethereum went through a handful of intraday supports before finding support between 2250 to 2240. These supports represent solid S/R levels for Ethereum, and if price can maintain these levels, a strong bounce could take place in the next hours. However, it remains an unlikely chance for the time being, but if sellers succeed in getting below this crucial S/R level, Ethereum may extend its decline into the 2220 and 2190 levels.