8-Hour Analysis:
Big Picture: Ethereum is also attempting a breakthrough. Price broke through the declining channel and surged higher, approaching the short-term range highs. Ethereum’s momentum is also becoming stronger. Ethereum is currently at a major resistance level; breaking through this would set off a second wave of breakouts aimed for the psychological level of 2000.
On the Upside the breakout of Ethereum above the EMA-32 and EMA-50 triggered a trend that dragged the price back towards the 1920 level, which remains a short-term range high as well. Ethereum, on the other hand, has now struck a key resistance level that has not been broken since May 6th. A sustained breakthrough over 1920 leads towards 1960 next followed by 1980, and the 2000 mark.
On the Downside there are several intra-day supports that have resurfaced. Ethereum’s RSI became incredibly overheated, exceeding the 80 mark on the scale. Overall, caution is advised for the session, as price approaches a big resistance with overstretched conditions, therefore an intra-day cool-down could occur. In the event of a corrective decline, Ethereum would take support from the 1870 level, followed by 1840 to 1820 levels.
