ETH-“Short-Coverings Possible”

1-Day Analysis:

Big Picture: Ethereum continues to fall behind in terms of strength and aggressiveness. Bulls have failed to provoke aggressiveness above the short-term range highs for the time being, but they have been extremely present on the support levels below, safeguarding the levels in recent days. However, bulls must find their aggression above 1920 in order to expand Ethereum’s upside potential in the next sessions; otherwise, lower supports are likely to be exposed.

On the Upside before it becomes aggressively bullish again, Ethereum must overcome a lot of resistances. The session’s initial resistance levels are at 1880 and 1900, followed by short-term range highs between 1920 and 1940. The range highs currently almost coincide with the trendline resistances; a clean break above them may send Ethereum aggressively to the upside, re-targeting the 1980 and 2000 marks initially, with opportunity for further upside into 2070, followed by 2130.

On the Downside The support levels between 1830 and 1820 continue to hold and remain firm. These supports have been effective for the last several months. Price staying above these levels favors a positive view, whilst price falling below these supports maintains price under pressure. Below these levels, the next levels of support for Ethereum are between 1790 and 1770. These are also powerful session supports with enough force to drive aggressive short-coverings.