1-Day Analysis:
Big Picture: Ethereum is still caught within the range levels, but the reaction from the supporting range has been quite powerful once again. This demonstrates that bulls are clearly maintaining an aggressive position to prevent price from losing its potential bullish structure. However, Ethereum need a strong push above the range highs in order to regain momentum and strive for higher weekly resistances.
On the Upside Ethereum was able to break through the initial obstacles, but as anticipated, 2320 was able to stop the momentum and prevent price from rising any further. The level of 2320 remains a significant obstacle for the session. Surpassing this would allow prices to rise back into the congestion zone, between 2380 to 2405 levels. Meanwhile, acceptance over 2405 allows the price to rise further into 2480 and 2520 levels.
On the Downside a potential support level is emerging at 2270 level on the daily-time frame. Meanwhile, 2270 contains EMA-24, which has served as a strong trend driver in recent weeks. Below these levels, the next level of support stays around 2210 to 2200. This area is protected with both horizontal and dynamic support.
