1-Day Analysis:
Big Picture: A volatile session for Ethereum in which neither participant was able to grab the short-term lead. On a macro time scale, Ethereum is still in a risk-off condition. Going forward, the price will continue to trade inside the range levels, and a breakout of this range will suggest the initiation of the next impulsive move. Ethereum is expected to stay volatile till then. A bullish breakout is predicted to retake price towards 1280-1300 range levels, while a bearish breakdown would expose price to 1075 levels.
On the Upside the price is still resisting at the 1205 and 1210 levels. Price can be redirected towards the 1220 to 1230 zone if strongholds are established above these levels. Price has been unable to break above this level for some time due to severe opposition. Acceptance above 1230 will pave the way for 1250, then 1280 to 1300. Prices are expected to remain under pressure if 1230 is not exceeded.
On the Downside price has also been held by support levels ranging from 1190 to 1180. The range inside the range is becoming increasingly narrow. This range will continue to offer preliminary support. The next big support zone, however, is between 1165 and 1150 levels. These are crucial support levels to hold in order to avoid any excessive selling, as losing them will expose prices to 1120, then 1075 levels.
