1-Day Analysis:
Big Picture: In-active bulls are leading to lower prices for Ethereum. Ethereum falls to its lowest level since June 21st. The pair has been gradually declining over the previous few weeks. Regardless of the fall in prices, bears have been under enormous pressure from the support levels below, which have been defending against a steeper drop despite bulls being sidelined. This means that Ethereum’s current range is solid and that breaking it would take something extraordinary from the participants.
On the Upside Ethereum’s continuous failure at 1880 has resulted in lower prices once again. The resistance levels have been increased for the session. The first resistance level will be 1840, followed by 1860. However, in order to counteract the current pressure, Ethereum must establish stronghold above 1880 level, which is one of the key resistances above.
On the Downside Ethereum has penetrated deeper into the support levels, but an immediate action has pushed prices back above. Ethereum has a strong horizontal presence between the levels of 1830 and 1820, which is further safeguarded by higher time-frame EMA support. Below this supporting zone are the range lows, which are situated between 1790 and 1770 levels and are also protected by the presence of the EMA-200 level.
