8-Hour Analysis:
Big Picture: Despite a higher selling presence yesterday, the mid-range, in combination with the dynamic supports, was able to keep the price steady. As the critical levels were held, a solid bounce is presently being tracked; nonetheless, Ethereum’s aggressive still remains to be lacking. For Ethereum to gain momentum, it has to get through the key resistance level.
On the Upside Ethereum is breaking over the 2080 mark, paving the path for 2115 and potentially the range high at 2130. Ethereum has now been consolidating for 20 days, and any breach over the range high is anticipated to send Ethereum higher into 2180, followed by 2220 and 2280 levels. However, strength above 2130 remains critical for that push.
On the Downside the prior intra-day resistances of 2080 and 2060 are now the primary supports for the session. These levels have been converted into supports for the day. Most importantly, the 2080 level must be maintained since it significantly helps the price in developing upward momentum. Below 2060, the next substantial supports are from 2030 to 2020 levels. The mid-range levels and the 8-hourly EMA-50 have presence in this region.
