8-Hour Analysis:
Big Picture: The short-term range highs effectively limit the price for another session. Ethereum’s consolidation below the resistance level could impede the supply levels above, paving the path for another ascent towards the psychological levels of 2000. Furthermore, as a result of this consolidation period, the oscillating indicators have settled down by a fraction, allowing for another advance before being overstretched again.
On the Upside Ethereum continues to encounter incredibly strong resistance from the 1920 level, but the congestion goes all the way towards 1940 level. This range has not been convincingly broken in over 60 trading sessions. This zone is expected to see another breakout, as price breaking above this level will likely soar towards 1980, followed by the 2000 mark, with space for an even higher push.
On the Downside on the road back, Ethereum has many supports. The quicker trailing EMAs are heading upward, indicating Ethereum’s present strength. However, the initial support level for the session holds solid at 1870, followed by the 1840 to 1820 area. Maintaining this supporting range would significantly boost the coin’s prospects of a bullish breakthrough. Although breaking this region would likely slowdown the momentum and pave way for re-test of lower supports.
