1-Day Analysis:
Big Picture: Despite several efforts, Ethereum is unable to break through the congestion zone. This is presently causing some heavy intraday profit-taking, forcing the price to fall once more. If price fails to break through the congestion zone, Ethereum may retest the channel lows before trying a major comeback. The RSI activity is currently bearish, but a break above the barrier of 50 to 60 may potentially generate substantial momentum for the pair.
On the Upside failure to break above 1660 has resulted in yet another intraday sell-off. Ethereum has established new intraday resistance levels between 1595 and 1605, followed by 1620 and 1630. These will be the session’s primary challenges, with the strongest barrier remaining at 1660.
On the Downside the price is now held by the 4-hourly demand zone between 1585 and 1575. This is an excellent support level for Ethereum, and price has frequently reacted well to it in recent days. However, if Ethereum loses this demand zone due to the selling pressure, the slide is expected to extend further, initially towards 1555, following next towards 1520 to 1510 levels, where the channel lows are present.
