1-Day Analysis:
Big Picture: Ethereum’s channelling down formation indicates that the price is in a corrective to bearish formation, with momentum continuing to drive prices lower over the next few weeks. Although there are several higher time-frame supports and Ethereum is now taking support from them, however, descending in this channel would put those supports under persistent pressure as well. However for the short-term the indecision still remains visible.
On the Upside Price is still struggling around the 1660 resistance level. Furthermore, the candlesticks have been primarily Doji or long legged upper or lower shadow candles during the last few days suggesting indecision. If Ethereum continues to struggle at the 1660 mark, it is unlikely to move higher. While strength above 1660 allows the price to ascend higher into 1680 and 1700 levels next.
On the Downside the price is still supported by the horizontal support level of 1630 and the weekly EMA-200 level of 1620. Price is unlikely to test lower supports as long as this region holds. As a result, sellers face a similar challenge in breaking through this supporting territory and pushing price into lower supports, initially at 1605 to 1595, followed by 1570 and 1545.
