1-Day Analysis:
Big Picture: Ethereum’s “wait and see” strategy is still in place, as price action is completely indecisive. Price is holding at an important pivot level downwards, which is critical for avoiding any broader sell-offs, while short-term resistance is restricting any partial corrective cycle. Unless Ethereum reclaims the significant level of 1820, the short-term pushes higher will remain a chance to sell into, and Ethereum will stay within bearish grasp in short to medium term.
On the Upside despite holding onto the immediate supports, bulls have been unable to shift gears. This implies that bulls are still weak and are not in a position to ignite anything substantial right now. However, if price begins to show some momentum above the 1660 level, this might start to change and a corrective cycle could begin. Some strength over this level allows for re-testing into the 1680 to 1700 range, followed by the 1720 to 1730 range.
On the Downside over the previous two weeks, Ethereum has been held firmly by the weekly EMA-200 level at 1620 and the horizontal level of 1630. These supports in the process have been tested and will continue to be tested several times, but they remain strong. If this zone holds with such tenacity, the downside is unlikely to expand lower. Sellers must break through this supporting region in order to expose Ethereum lower.
