1-Day Analysis:
Big Picture: The bulls struggled in yesterday’s session as well. Nonetheless, price was able to repel some selling owing to the lower supports and very oversold circumstances on the lower time frames, which helped it to recover about 50% of the establishing candle. Despite this the pressure is still there and may need to be eased by further selling absorption from the bulls in order to reduce the momentum of the ongoing selling.
On the Upside the resistance for the session is 2250 once more. Yesterday, this level managed to turn into a resistance level, which sparked the second wave of selling. Bulls in Ethereum are probably going to have trouble at this point. Any short-term acceptance over this barrier, meanwhile, would force the present short-squeeze towards the levels of 2280 and 2300.
On the Downside Ethereum is establishing a small range of support, between 2220 to 2210. This is the pair’s primary supporting zone. The dynamic EMA-100 provides intra-day support at the 2175 level below this. This level was crucial in limiting the selling rounds. Meanwhile, Ethereum has important and reliable supports from 2150 to 2130, which are slightly below this EMA level.
