Big Picture: Ethereum’s two peaks are both quite active, making the price very volatile within the range. Once again, the above resistances ruled out any positive prospects, resulting in panic selling throughout the intraday sessions. Similarly, panic selling found a solid supporting foundation on the lower levels, resulting in the largest 4-hourly candle volumes since June 2023.
On the Upside the levels of 2380 to 2405 have been particularly firm in limiting the upside. Meanwhile, a number of resistances have been re-added for the session. The initial resistance is located between 2255 to 2260, which were previously good supports. Above these, the next resistance levels are at 2320 to 2330, followed by 2380 to 2405 once more.
On the Downside Ethereum has minor supports at the 2200 and 2185 levels. However, the stronger supports are located between 2150 to 2130. These breakout supports, ranging from 2150 to 2130, have held Ethereum multiple times in the previous several weeks. The first reaction from the support has been fairly positive, and if this support can hold, price is unlikely to see any new selling rounds; but, if this breakout zone collapses, Ethereum may face another comparable selling moment.