1-Day Analysis:
Big Picture: Ethereum is now stuck inside the breakout zone. Volatility persists within this range as the bull’s eye for a larger breakout, while sellers seek to deny the chance of a breakout. Meanwhile, bulls have demonstrated determination, but they will need to go the additional mile to complete this breakthrough on the higher time frames. Although any short-term delays remain entirely likely in the case of a corrective wave.
On the Upside the main congestion zone is between 2140 to 2200 levels. The initial attempt into this range resulted in a strong round of profit-taking. However, there are several short-term intra-day barriers putting the price under pressure. These resistances are seen at the 2080 and 2100 levels and are expected to restrict the price even if partially.
On the Downside the recently re-established intra-day levels will once again provide some intra-day support. Initial support for Ethereum will be found at 2050 levels, followed by 2000 to 1980 levels. Holding intraday supports will help the bulls pull higher levels, however dropping below 1980 exposes Ethereum to the breakout supports of 1940 to 1880 levels. Expect strong fresh buying interest to be observed around the breakout supports.
