ETH-“Psychological Level Hit”

1-Day Analysis:

Big Picture: Ethereum tested the channel resistances of the broadening structure. Furthermore, Ethereum has risen beyond the 3000 psychological mark for the first time since April 26th, 2022, reaching around 665 trading sessions. This has been a significant milestone for the bulls since they began their weekly breakthrough. Going forward, the bulls maintain their general strength, however intra-day corrections keep the current trend strong.

On the Upside bulls gained sufficient strength to test the intraday and significant resistance levels. Bulls even briefly surpassed the 3000 level, but this rise proved unsustainable owing to a lack of continuity. The session’s major and significant resistance levels will be 2920, 2980, and 3000. In addition, on lower time frames, price has formed an evening star formation, which will provide further resistance around the 2980 to 3000 range.

On the Downside after being rejected at the 3000 level, Ethereum had a powerful wave of profit-taking, which soon brought the price to the 2880 support level. This was a strong support level that holds both the horizontal and dynamic supports. Price has challenged the EMA-32, which played a positive role in the partial relaxation of profit-taking. Meanwhile, below this supporting zone the next is the 2850 level, which has added support from the 3-hourly EMA-50.