Big Picture: Ethereum’s price structure is positioned for a significant upward rise if it can flip the level of 2160 and sustain strength in that zone. Ethereum has maintained its resilience over the previous several days, but it lacks the bullish thrust to see the impulsive run higher. On the short-term for the last 20 sessions, it has been inside a 200$ range spanning from 2130 to 1930 levels.
On the Upside the price was able to cross the 2040 level, but it still encountered some opposition from the 2060 and 2080 levels. These levels were identified as short-term challenges for the pair and have resulted in an intra-day price hurdle. Strength over 2080 is required for price to make its way towards 2115 and the short-term range high of 2130.
On the Downside the support levels from 1995 to 1990 were able to establish themselves as a short-term bottom, kicking off an impressive upside. The recently regained level of 2040 is functioning as minor intra-day support for the session. Meanwhile, below 2040, the next intra-day support is around 2010, followed by levels from 1980 to 1970.