ETH-“Profit-Taking Advised on Strength”

2-Hour Analysis:

Big Picture: Ethereum held onto the support levels, exhausting the sellers, resulting in an intraday reversal. It has honored the double bottom formation and is now rallying into higher levels. This surge is likely to be of a corrective nature, but there is still plenty of room to the upside. Furthermore, any positive retests of intraday supports can keep this momentum going, in a much smoother manner.

On the Upside strong intra-day resistance is being watched between 1170 and 1190. Both horizontal and dynamic resistance occupy this level. The dynamic resistance is represented by the EMA-100. Ethereum is likely to face a challenge here, and it will require significant momentum to turn this resistance into support once more. Clearing this level successfully reopens the doors to 1225, 1240, and 1280.

On the Downside on shorter time scales, a handful of supports have been developed. The initial intra-day support level is now 1140, followed by 1115. Both of these are good intra-day supports, but the session’s major supports remain at 1085 to 1070. Loss of these supports would be a major setback for Ethereum, exposing the price to even lower levels around 1015-1000.