1-Day Analysis:
Big Picture: This time, Ethereum has lagged behind Bitcoin in the race. Price held the retest of the EMA-200 and rebounded sharply. Furthermore, the converging triangle broke to the upside, leading to higher levels once more. However, until any of the key levels breaks, the situation is projected to continue within a range in the foreseeable. A break above 1680 is anticipated to push prices up further, while a breach below the EMA-200 would almost surely result in a corrective phase to the downside.
On the Upside a new level of resistance has been added at 1660. This is the session’s first resistance level; above this is the level of 1680. This is a significant hurdle for Ethereum that has been preventing bulls from charging higher. Unless and until this level is broken, the upside will remain constrained. For over 130 trading sessions, Ethereum has failed to break through this level. A clean break above this range pushes Ethereum towards 1735, and possibly towards 1790 to 1820 levels.
On the Downside Ethereum will receive initial support at the 1570 level. Following this are the major support levels ranging from 1540 to 1520. This range has shielded the price from any heavy selling activities. Both the horizontal and dynamic support levels cover this level. Any breakdown of this support zone drives the price downward towards 1480 and possibly as low as 1435.
