8-Hour Analysis:
Big Picture: The short-term selling pressure stayed persistent, allowing price to re-test the prior breakthrough levels at a lower level. Despite this, price has been able to withstand the pressure and is now beginning to display bullish divergence on the lower time frames. If bulls can maintain this region for a bit longer, a powerful wave of short-coverings shouldn’t be out of the question.
On the Upside 2170 has now established itself as the session’s principal resistance. The next barrier above 2170 is 2195, followed by 2115. Any display of aggression over 2115 would very certainly open the door for the price to re-aim for 2240, followed by 2270 to 2280 levels. However, the upsides for a few sessions are likely to be observed for possible profit-taking on strength.
On the Downside the support levels for the day are 2150 and 2130. 2130 remains an important support level for Ethereum because this is where the previous breakthrough originated. Holding this zone would put the bulls in a stronger position, but losing it would almost certainly lead to a re-test of the trendlines below.
