1-Day Analysis:
Big Picture: On a daily basis, Ethereum is approaching a few key levels that might either drive intraday profit-taking or push the price towards another breakthrough. Price is presently challenging the falling channel resistance levels; a push over this will be required to initiate another intra-day wave of upside aiming the prior ranges – range low. This level has been a support for almost a year and might now become a powerful resistance. Furthermore, a consolidation or re-test of lower support levels followed by a strong bounce will benefit bulls, who are still looking for further gains.
On the Upside Ethereum is still facing significant intraday resistance in the 1545-1565 zone. Price has yet to close any consecutive bullish candles above this level. Furthermore, on a daily time-frame, this level is where falling channel resistance is observed. Ethereum need at least two solid hourly candle closings above 1545 to confirm a break above this level, paving the route towards the 1645-1680 supply level. At this level, price could spark another wave of heavy profit-taking, but a break above it goes towards 1710 initially, followed by 1820 and 1960 in the coming sessions.
On the Downside the initial support level is 1425. Here, the daily EMA-50 joins forces with a strong horizontal level to establish a support level. Following that, the next level of support is at 1335. However, Ethereum has created a few of solid supports on its way up, with the 4-hourly break-out level serving as a major support level for the price around 1280-1250. Any bullish re-test of this level followed by a strong bounce puts bulls in a secure and comfortable position. However, failure to maintain this support level may endanger the bullish trend. As a result, bulls must maintain this level.
