1-Day Analysis:
Big Picture: Eth saw intraday profit-taking after approaching key resistance levels. This slow profit-taking is now beneficial to Eth as long as it maintains the 1890 level. If that level is breached, the profit-taking action may be extended, dragging Eth towards lower supports. However, a breakout above the 2000 mark is required to ignite another wave of excitement, pushing Eth to higher levels.
On the Upside for Eth, there are still a few resistances to the upside. Between 2025 and 2040, Eth faces significant opposition. A break above the EMA-22 might pave the way for 2080 to be followed by 2150 and 2220. However, the day’s early resistance is seen at 1945, followed by 1970.
On the Downside the first signs of support are evident at 1920 followed by 1890. These supports are expected to function as good supports for the day, but if they are violated, Eth might fall towards 1860, followed by 1800.
