1-Day Analysis:
Big Picture: Ethereum has had a solid run higher, but that push has been addressed with a significant block from the main EMA’s. Since testing the key EMAs, the price has been under constant pressure, which might result in another significant drop into the channel-based supports. To resist the increasing pressure, bulls must reclaim the 1630 to 1660 levels.
On the Upside Price is on the verge of breaching the immediate support levels once more. Meanwhile, these levels are going to serve as intraday resistances. The initial resistance level for Ethereum is 1600, followed by 1620 to 1630 levels. Surpassing this leads Ethereum higher once again, but if it fails to regain these levels the upside remains restricted.
On the Downside Ethereum is on the verge of losing crucial primary support levels. Minor supports continue at 1590, followed by 1585 to 1575 levels, while significant supports are now lower. Ethereum will face a critical support level around 1555, and failing to maintain this support will expose Ethereum to 1520, followed by the channel bottom at 1480. As a result, aggressive risk management is recommended for the next sessions.
