ETH-“Profit-Taking on Strength Advised”

1-Day Analysis:

Big Picture: The sellers begin the week with a significant liquidity hunt from lower levels. Ethereum’s previous weekly closing was the highest since May 2022. Despite attaining the highest closing since then, Ethereum’s closeness to weekly resistances is currently causing congestion for the pair as bulls strive to maintain momentum.

On the Upside over the weekend, the price almost reached the 2420 barrier level. The bulls were able to reach a significant milestone before engaging in aggressive profit-taking. Meanwhile, the session’s opening resistance stands between 2270 to 2280 levels. Regaining these levels would assist bulls create a rebound towards 2310, followed by 2330.

On theDownside the session’s immediate support is 2220. The next supports are at levels ranging from 2190 to 2185. Both of these levels are potential of triggering short-term short covering, if not fresh buying. However, Ethereum must maintain the breakout support of 2130 in order to keep the higher-time frame momentum aggressively bullish and to offset any lower declines. Below 2130, the risk towards downside dramatically increases.