ETH-“Profit-taking Advised on Strengths”

1-Day Analysis:

Big Picture: As Eth rebounds dramatically, the bullish momentum continues. However, it is set to hit certain important levels where intra-day profit-taking may occur. As a result, volatility could increases. To counteract this intra-day slowdown, another breakthrough above the falling channel resistance is necessary. This would cause a second wave of rise, pushing Eth to higher levels.

On the Upside There are still a handful of resistances on the upside for Eth. Eth confronts significant opposition between 2025 and 2050. These are the levels of resistance for both the falling channel and the EMA-22. A strong breakout over these levels is anticipated to push Eth towards 2080, followed by higher levels at 2150-2300 in the next sessions.

On the Downside the first signs of support are evident in 1960, followed by 1920. 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.