1-Day Analysis:
Big Picture: The failure of price to maintain above the congestion zone has placed the short-term trend under strain once more. Having said that, Ethereum has been trapped in a narrow range for the previous several trading sessions, spanning around 1230 to 1165 levels. Furthermore, whereas the previous move targeted the upper liquidity pools located above the congestion zone, the logical next move indicates to the downward liquidity. To avoid or postpone such a scenario, Ethereum should preferably return over 1230.
On the Upside initial resistance for Ethereum remains around 1205-1210 levels. Strongholds above these can re-direct price into the 1220 to 1230 zone. This is where price is encountering stiff resistance and has been unable to break above for some time. Acceptance over 1230 will open the path for 1250, then 1280 to 1300 range levels. Failure to surpass 1230 is likely to keep prices under pressure.
On the Downside Ethereum is still holding the new channel support and is responding well to it. Furthermore, multiple supports occupy this level between 1190 and 1180. This range will continue to provide initial assistance. However, the next significant support zone is from 1165 to 1150 levels. These are critical support levels to maintain in order to prevent any hyper selling.
