1-Day Analysis:
Big Picture: Since stepping out of its months-long sideways channel, Ethereum has remained weak. Furthermore, unless that zone is recaptured, selling pressure will likely persist, perhaps dragging the price down into the supporting region of the falling channel. Furthermore, for the first time in over 200 sessions, sellers were able to breach below the weekly EMA-200 level, although by marginal points. This is an enormous advance for selling and demonstrates the bulls’ continuing deteriorating strength. For bulls to restore their lost strength, Ethereum needs to get back above the 1820 level.
On the Upside Ethereum is losing its prior supporting range of 1630 to 1620, which is now acting as session opening resistance. Buyers may attempt to recapture this region during the current session, and if they are successful, the next resistance will be at 1660, followed by 1680 to 1700 levels. On the other hand, failure to regain control of 1630 could be a huge blow for the bulls as it would be a confirmation of the breakdown.
On the Downside the weekly EMA-200 was previously cited as a crucial protection level for Ethereum, and it was additionally mentioned in earlier reports that breaking this EMA support might lead to an extended fall for Ethereum. Since losing this support, price has broken a number of other levels and is now closing in on the rising trendline, which is now positioned around 1555. With the increasing pressure, the price may have a partial response at this level, but anything significant looks unlikely for the time being. Furthermore, holding below the 1620 level eventually drives price into the 1530 to 1510 zone, where the channel support and horizontal support levels are spotted.
