3-Day Analysis:
Big Picture: Ethereum has printed 10 consecutive red weekly candles, signaling another bearish close. This demonstrates that the bears have maintained control of the trend for the previous few weeks and have completed many of their objectives. In the next days, when lower objectives are met, bears are expected to take a breather and allow prices to recover. However, this does not imply that we are approaching a Higher Time-Frame reversal. A period of consolidation remains critical for a long-term turnaround. Furthermore, with extremely oversold situations now occurring on a weekly basis, Eth might be in for another wave of aggressive short-covering. As a result, late sellers must proceed with caution.
On the Upside the first degree of resistance is noticed around 1250, followed by 1330. The next wave of resistance is seen between 1470 and 1530. These forthcoming barriers would need to be regained for Eth to open up any additional upside.
On the Downside Eth has an initial support level of 1155, followed by a recent low of 1075. Following that, the following level of supports are crucial for the next trend direction. Following that is a psychological support level of 1000, followed by a strong demand zone of 850-790. Eth must react strongly of these lows if tested.
