8-Hour Analysis:
Big Picture: Yesterday, Ethereum attempted another strong move, but it faded quickly as holders took advantage of the opportunity to offload positions. Unless a stronghold above 1680 is observed, Ethereum is likely to continue facing profit-taking on strength. At these levels, new positions are still a risky proposition. Furthermore, a re-test of lower supports may re-energize Ethereum to take on the resistance level.
On the Upside for the last four trading sessions, Ethereum has failed to produce a convincing candle closing above the 1600 level. This level remains the day’s initial resistance. Following this, the next visible resistances are at 1625, followed by 1650-1680. These higher levels have the potential to rediscover intraday profit-taking. However, above 1700, there is massive untapped liquidity for Ethereum, which can be an area of interest for the price.
On the Downside yesterday, Ethereum tested the exposed supports. However, there has been a good response from the 1525-1510 area. Going forward, initial support for the sessions is still seen at 1525-1510. The next level of support is seen at 1480. Horizontal and dynamic support are both present at this level. If tested, expect a reasonable reaction by this level.
