3-Day Analysis:
Big Picture: Previously, Ethereum breached the 1880 level, resulting in a significant price breakout upward into the higher time-frame breakout levels. Ethereum currently trades around the weekly breakthrough levels which are as well causing some intraday pressure and contributing to the ongoing slowdown. If Ethereum is able to hold its major levels over the next several days, price may test the weekly breakthrough levels once more. However on the short-term increased volatility remains likely.
On the Upside following yesterday’s decline, certain intra-day barriers have been re-added. Ethereum will face primary opposition between 1980 to 2000 levels. The next resistance zone above this zone is 2050, followed by 2080. Meanwhile, the tougher rounds of resistance begin between 2140 to 2160, followed by levels ranging from 2180 to 2200. A three-day session closing above 2200 and that too with strength could result in a significant weekly breakout for Ethereum.
On the Downside after losing the 1980 support level, Ethereum slid back into the breakout supports and challenged the 1940 level. This level has since displayed impressive strength and is currently creating a strong recovery. Moving forward, bulls have to reclaim their dominance to push prices higher. However, for the session, supports between 1940 and 1880 will remain important and are expected to withstand any selling forces.
