ETH-“Testing Channel Top Remains Possible”

8-Hour Analysis:

Big Picture: Ethereum saw a low-intensity session with minimal price activity. However, such a condition is favorable for the buyers following a significant impulsive behavior. Price consolidation after a major impulsive rally creates space for another impulsive move by resetting the oversold indications. Furthermore, a stronghold above the intraday supports will favor the emergence of a bullish flag in another context AB=CD pattern.

On the Upside the resistance region stays unchanged. Initial resistance remains between 1740 and 1750 levels. Between these levels, EMA-32 and EMA-50 are also adding onto the horizontal resistance levels. Flipping these resistances will be a significant breakthrough for buyers, pushing Ethereum towards 1780 and potentially 1820.

On the Downside the intraday supports below kept price from losing strength and entering a profit-taking scenario. The intra-day supports are still operational from 1710 to 1700 levels, with the next support at 1680. Ethereum notices significant protection between this supportive region. These support levels are expected to limit any short-term intraday sell-offs. If sellers are able to break below the 1680 level, a slide back towards recent lows is expected, exposing price towards the MA-200 level.