1-Day Analysis:
Big Picture: Bulls tried their luck yet again in yesterday’s session but failed once more, significantly weakening their position. Over the previous seven sessions, the level of 1660 has shown to be a powerful barrier, limiting practically all bullish attempts. Yesterday’s session indicates buyers are still hesitant to establish substantial buying activity and have limited their presence near key supports. Such developments indicate weakness, and if things do not improve for bulls, sellers will certainly take advantage of the scenario.
On the Upside the resistance level of 1660 has been a major challenge for the bulls in recent days. Despite several efforts, this level stays strong and firm. Furthermore, the quicker trailing EMAs will shortly coincide with this level, strengthening this region as a resistance. Only a sustained break above this level will turn the short-term momentum in favor of bulls, allowing them to relieve some of the pressure and go for 1680 and 1700 levels.
On the Downside the sellers are once again attempting to overwhelm the support levels of 1630 to 1620. Since mid-March, the presence of demand at these levels has been protecting the price. Moreover, the weekly EMA-200 level has not been broken since mid-January. This suggests that this region holds significant importance for Ethereum. If sellers can break through this important zone, the bulls will suffer an enormous setback.
