Big Picture: The range-bound environment of Ethereum has persisted. Price has steadily begun to fall lower towards the range lows after re-testing the range highs. Price activity is moving on both sides of the range, however the consolidation band has allowed the EMAs to mean-revert towards the price and the indicators to cool off. On the contrary, this has slowed the current momentum, and for the momentum to re-ignite, strength above 2160 is required.
On the Upside intra-day resistance levels have been set at 2040, 2060, and 2080. These are the price resistances that will cause short-term obstacles; nevertheless, any significant signals of strength are likely to easily shatter these resistances. These levels will stay effective as long as price is within the range. Furthermore, strength above 2080 will push price back into 2115, followed by 2140.
On the Downside strong support has been monitored from 1995 to 1990 levels. This range essentially halted the previous day’s profit-taking rounds. On lower time frames, a good intra-day bottom can be formed around this area for a potential short squeeze. As a result, risk management for the sessions is suggested. Ethereum also has additional intraday supports between 1980 to 1970 levels. However, a price drop below 1970 is expected to head deeper into the 1935 to 1915 level supports.