ETH-“Profit-Taking Advised on Strength”

2-Hour Analysis:

Big Picture: Ethereum has had a good run to the upside in recent sessions. The double bottom formation was critical to this recovery. Going forward, a reasonable round of upside has been met, and profit-taking is recommended. Because the overall macro remains favorable to the downside, it is safe to either seek profit bookings or maintain risk management. Furthermore, there are still signs that re-testing lower supports will give a positive reaction.

On the Upside the bulls dominated the previous session and remain in command. Price has reclaimed the 1170-1190 range. This was a must-break level in order for the price to move higher towards the upper bands of resistance. The session’s initial resistance is seen between 1220-1230 levels. Above this, the next resistance is seen at 1250, followed by major daily based resistance at 1280.

On the Downside the 1170 to 1190 range is expected to provide good intraday support. This level is supported both horizontal and dynamic based level.  At 1185, there is dynamic support in the form of EMA-100. If bulls can hold on to this support, upside potential remains high. If this support is broken, the price will fall back towards 1155-1145 levels, with more room to fall.