8-Hour Analysis:
Big Picture: After sustaining the lower breakout supports, Ethereum climbed again into the important resistance zone, and a similar outcome was witnessed as of the first reaction. Price experienced immediate rejection and kicked off rounds of profit-taking which dragged the price down. Ethereum is currently trading in the middle of the range. Continuing to hold the mid-point may promote a higher recovery, however a breach below this level could expose price downward into lower supports, where another reaction is expected.
On the Upside there are intra-day resistances starting in 2040, followed by 2060 and 2080. These intra-day resistances prevented the price from rising higher throughout yesterday’s session. Buyers are likely to encounter difficulties at each of these points. Meanwhile, strength over 2080 is anticipated to extend price next into 2115 and the range top levels of 2130.
On the Downside the 8-hourly EMA-50 at 2020, as well as the mid-point levels, are combining to give some price support. Holding this zone would prevent any further price drops. Meanwhile, if sellers can pull the price lower, Ethereum is expected to fall towards the initial trendline support of 1980, which also corresponds with another horizontal support level spanning 1980 to 1970. Price may take some short-term support from these levels before any additional drops.
