3-Day Analysis:
Big Picture: The price of Ethereum has fallen to its lowest level since January 2021. Over the weekend, Ethereum lost the range low support level, triggering an intense selling spree. Bears retain control of the trend, so the pressure continues. Price is, however, approaching a couple key support levels. With severely oversold conditions now occurring on a weekly basis, Eth may be in for a round of aggressive short-coverings. As a result, late sellers should exercise caution.
On the Upside the initial resistance level is projected to be 1290, followed by 1415. In order to absorb the remaining selling pressure and build an absolute foundation, Eth needs to go through a strong consolidative environment. Bulls will need this base to pull a higher time-frame reversal.
On the Downside It was mentioned in previous report levels that losing the range low support would be a devastating blow for bulls. However over the weekend we saw the range collapse which was a red-carpet invitation for the bears who took complete advantage and plunged the price. Now going forward we have weekly and monthly supports coming in for Eth at 870-790 level. Furthermore we could also see reaction of the psychological figure of 1000.v
