1-Day Analysis:
Big Picture: Ethereum has begun to regain strength as it trades above the 1820 mark on a frequent basis. This indicates that selling pressure at 1820 may have begun to wane. Nevertheless, all recent downside efforts have been immediately neutralized by fresh demand inflows. Moving forward, the possibilities of an upside push are improving, and buyers are being handed the opportunity to push for another breakthrough. Failure to do so may swiftly shift the sentiments from profit-taking to panic selling.
On the Upside Price is showing signs of strength over the 1820 resistance level. If Ethereum can persist above this level in the next hours and goes to exceed 1840, a breakthrough is possible, establishing objectives for 1880 initially, followed by 1910 and 1950 levels. This is where Ethereum’s next profit-taking is likely to occur.
On the Downside yesterday, the price retested the 1780 support level, and a significant reaction was noted. This has established 1780 as a solid support level. Such a scenario was expected to improve the possibilities of a bullish breakout, and buyers are now seeking to capitalize on that presented opportunity. But still, if the price fails to cross 1820 once again, a drop down towards 1780 is still probable, further weakening the support level. Moreover, 1780 was supported by the dynamic support level of EMA-32, which contributed to the powerful reaction. Under 1780, the next level of support are at 1750, followed by 1730 and 1715.
