1-Day Analysis:
Big Picture: The failure of Ethereum to hold above the 1700 mark has resulted in intense rounds of selling. It was highlighted that the 1700 level is still very important for Ethereum, and reclaiming it would have been a huge lift for the bulls. However, this did not occur, resulting in sellers assuming the charge. However, the majority of the damage has already been done, and Ethereum is again challenging the breakout levels that earlier drove the powerful bullish rally. This is where price could observe a reaction. Unless the bulls fail to defend this level, sellers should exercise caution.
On the Upside the session’s initial resistance is visible at 1320, followed by 1355. While any prolonged upside could drive Ethereum to the 1400-1425 area. This is a significant resistance level for Ethereum, where massive profit-taking is probable and sellers may reposition themselves.
On the Downside Ethereum has lost its crucial support level of 1425, resulting in a huge sell-off. Furthermore, Ethereum is approaching its CME Gap, which was observed between 1333 and 1255. The region between 1280 and 1255, however, is also the re-test level based support. At these levels, price might provoke a swift response. These are significant supports for the day, but losing them would extend the fall to 1190.
