1-Day Analysis:
Big Picture: On a daily basis, Eth is once again going towards the region of low supports. This level has been tested roughly 5 times over the last few year. It has always produced a strong bounce upon test, but many tests in short succession gradually weakens the support. Breakdown of this support level will trigger another sell-off, bringing Eth down towards lower support levels in the 1600 region, followed by the 1415-1290 region. To counteract this scenario, Eth must gain strength over the 2000 threshold.
The Upside remains same with initial resistance level at 1840, followed by 1915 and 2000. To counteract selling pressure, Eth must break and hold above the 2000 level. This would allow Eth to reach greater levels in the 2080s, followed by 2150-2220. Unless the 2000 mark is held strong, each upside will be an opportunity to sell on strength.
On the Downside the current support level for Eth is 1800-1760. However, this support is beginning to weaken. As a result, there is a good likelihood that price could break through this support level and fall to lower support levels. Below there, we have critical support from Higher Time-Frame range lows. This support is situated between the years 1720 and 1700. This is key support to hold; failure to do so will result in another big selling binge, bringing Eth down to 1450, then 1290.
