1-Day Analysis:
Big Picture: During the previous several sessions, Ethereum has been in a strong consolidative environment. Both the Bulls and Bears have tried and failed several times to break through this range. This range between 1820 on the upside and 1715 on the downside has actively prevented either side from breaking out. Following a strong recovery, buyers are seeing a significant wave of profit-taking from the 1820 level.
On the Upside once again, the major resistance level of 1820 limits the upward potential. This consolidation range high has actively blocked buyers’ attempts to break through. Unless and until this level is broken, Ethereum’s upward potential is limited to this zone. Ethereum need a clear breakout over 1820 to aim for higher levels in the region of 1850 initially, followed by 1880 to 1910 levels.
On the Downside after witnessing profit-taking pressure kick in from the 1820 level, Ethereum had an intra-day corrective phase in which the price re-tested and maintained the 1780 support level for the session. 1780 is still the first support level. As long as this level stays relevant, further decline is prevented. But, if profit-taking accelerates and breaks 1780, Ethereum is likely to fall towards 1750, followed by 1730 to 1715 levels.
