1-Day Analysis:
Big Picture: Ethereum remained under heavy selling pressure and broke both breakout-based supports. Lower support had been holding the trend for more than three months. This will be a setback for the buyers and may keep them under pressure for the next few sessions.
On the Upside additional resistance is being observed at 1190. Above this, the next immediate resistance levels are at 1220-1235. At these levels, Ethereum is likely to face significant profit-taking. However, if the bulls can regain control above this level, further upside in the form of a short squeeze could continue towards 1280.
On the Downside 1135-1125 to provide initial assistance once more. Yesterday’s session tested the lower demand zone and produced a positive reaction. Supports between 1080 and 1030 are still regarded as sufficient and dependable for the session. Furthermore, in the event of another panic sell-off, Ethereum may return to the psychological support level of 1000.
