1-Day Analysis:
Big Picture: Ethereum had broken out from the converging triangle formation and has channeled upward. However, the reaction above the trendline remains really weak and indicates that the price is honoring the range levels of 2130 to 1930. Furthermore, as long as the range remains intact, price is likely to move in both directions, creating opportunities for both participants. The trending impulse, on the other hand, requires a breakout on either side to take the lead.
On the Upside Ethereum has formed intraday resistance between 2060 and 2080 levels once more. The previous time price was able to break over these obstacles, a strong surge higher occurred, with price reaching levels of 2115, followed by almost 2140. Similarly, strength over 2080 is required if price is to test the upper band of resistances at 2115, 2140, and 2160.
On the Downside at 2040, Ethereum had a solid support. Price, on the other hand, barely had a reaction this time, and it is presently overriding this support level, causing it to fall further lower. There is some intraday support between 1980 to 1970 levels, but failing to break above the range highs would most certainly push Ethereum back towards 1935 to 1915 levels.
