Big Picture: Since seeing the hanging man formation on the top and that too at a major resistance zone, Ethereum has been under intense pressure. That pressure has resulted in a 61.8% retracement of the initial advance, which was initiated when the breakout supports were held. Going forward, Ethereum’s volatility is expected to remain, as further drops lower could attract the attention of buyers to position themselves as well. Meanwhile, a break over 2320 could send Ethereum into a hyper-bullish phase.
On the Upside the levels of 2255 to 2260, which had previously contributed to a powerful rise higher, have now been reversed into resistance. This will be the session’s primary resistance level, followed by 2320. Meanwhile, 2320 remains a significant barrier, and breaking it is likely to trigger a bullish pattern breakout for Ethereum.
On theDownside the 12-hourly EMA was highlighted as the next support level if price breaks the 2255 level. Ethereum is now receiving strong support from the EMA and is also experiencing some nice rebound. Furthermore, below 2220, the next intra-day supports are at levels ranging from 2205 to 2190. Holding these levels will undoubtedly keep the pattern achievable and bull’s hopeful.