3-Day Analysis:
Big Picture: On Ethereum’s end, the uncertainty persists. Buyers are observing strong supports below while sellers are negating and limiting any signs of strength. As long as either side gains an advantage over the other, this uncertainty is likely to continue. Going forward as long as the narrow range remains effective short-term scalps are the favorable outcome.
On the Upside buyers surpassed the level of 1850 which lead to higher levels intra-day. The upside was likely fueled by short-coverings which got price aggressive on the short-term. For the session the initial resistance levels of 1950 and 1965 are establishedonce again. Above them 1880 and 1900 level operates as next resistance levels. These are strong resistances which limited yesterday’s surge.
On the Downside the support levels between 1830 to 1800 levels have been protecting Ethereum from falling further. There are multiple nature of supports operating in this region that have been protecting price. This also makes this region very important for buyers to protect. In addition the 3-Day EMA-200 remains the most important support level for this region. Holding this favors buyers to maintain the bullish outlook. On the contraryif sellers succeed in breaching this supportive region a fall lower into 1780 and 1750 is expected initially with room for further downside.
