ETH-“Strength Failing to Hold”

1-Day Analysis:

Big Picture: Ethereum saw an outlier session with a significant price increase. The rise challenged the psychological threshold of 2000 and almost ended the session on a high note. However, that strength was extremely short-lived, resulting in a significant profit-taking the next session. Since that price spike, Ethereum has been dragged down towards the breakthrough levels by profit-taking. If Ethereum fails to hold 1920, it may fall even further.

On the Upside Ethereum is seeing early resistance from the 1940 level. Surpassing this would trigger intraday short-coverings, pushing the price back towards the 1960 level. The next layer of resistance is visible above 1960 at the 1980 and 2000 levels. The psychological resistance at 2000 remains a difficult level for bulls to overcome. Ethereum previously failed to break beyond this barrier as well.

On the Downside Ethereum is testing the 1920 support level once more. If the price fails to maintain this level, Ethereum will revert to its former trading range of 1920 to 1780. Below 1920, Ethereum is expected to be controlled by sellers, who may then push the price down into 1870 and potentially even 1830 to 1820 levels.