1-Day Analysis:
Big Picture: Ethereum survives another day as the Range Lows hold, but it is still under bearish pressure. Eth is now reaching crucial key resistances once more. Breaking them would be required for Eth to begin the corrective cycle. Unless we see a clear reclaim of the 2000 level, every upside will be viewed as a shorting opportunity. Stronghold over 2000 is expected to pave the way for 2150-2300.
On the Upside initial resistance is seen at 1915. Following that we have the key resistance in form of falling channel resistance 1980 region. A stronghold above this level is necessary for a breakout and any further continuation to the upside. Successfully breaking 1980 and reclaim of psychological level of 2000 would be a big boost for bulls who are then likely to look towards higher re-test levels of 2150 followed by 2220 and eventually into 2300’s for now.
On the Downside initial supports for Eth are seen at 1860-1840 region. This level is protected by both horizontal supports and by 4-Hour EMA-50 and EMA-32. Hence high support confluence is seen at this level making it a strong support. However below this we have 1800-1770 as next level of support followed by Range lows.
