1-Day Analysis:
Big Picture: Ethereum’s consolidation remains unaltered, with the price remaining within the range for over 35 trading sessions. There are several supporting levels for Ethereum surrounding the breakout supports, which are preventing the price from falling any more. On the contrary, price will gain momentum whenever one of the sides breaks. Unless that happens, the price is likely to remain locked in the prevailing range.
On the Upside Ethereum continues to face resistance between 2255 to 2260. Over the weekend, this level was able to neutralize any indications of strength. Each time price came in contact with this support, an instant pressure was felt. This region will serve as the session’s principal resistance. Meanwhile, above this, the next resistance is at 2320, followed by the congestion zone between 2380 to 2400 levels.
On the Downside over the weekend, Ethereum was able to maintain its support at 2210. Meanwhile, today’s session began with some pressure buildup, but the current emerging candle is shaping up as a possible hammer formation, particularly after testing the daily EMA-50 level. This is an important support range for Ethereum, spanning 2210 to 2195 levels. Below is the breakout range from 2130 to 2150 levels. As long as Ethereum hangs onto it, the downside is limited.
