ETH-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: Buyers prevailed in the initial confrontation with the daily EMA-50 level. This is a good sign for the Bulls, but a couple of more candles above the EMA would serve as a good confirmation. Ethereum is anticipated to test the congestion zone ahead as long as it remains above the EMA level. This will be a critical re-test for the price, and the reaction at this level will determine the coin’s future move.

On the Upside price has achieved a daily close above the EMA-50 level, which must now be maintained for at least a session or two in order to serve as confirmation of acceptance above. The next degree of resistance is between 1280 and 1300. Previously, Ethereum broke above this level but was unable to sustain above it, resulting in intense profit-taking. This level is likely to be tested again, and acceptance above it is required for Ethereum to test the 1350 highs and beyond.

On the Downside 1246.75 is expected to act as the day’s opening support. Price remaining above this level at the end of the day will be a very positive sign. If this level fails to hold and loses momentum, Ethereum could fall back into the 1230 to 1220 zone. This range recently functioned as a strong resistance and should now serve as a firm support. Maintaining this level will maintain the short-term bias to the upside.