1-Day Analysis:
Big Picture: The sellers believe they are in a strong position to charge at the immediate support level, which is protected by many supports. The current pressure may push the bears to try a hyper move by breaching below the intraday supports and re-targeting the range low levels. The range-low levels have not been touched since mid-June, which might spark aggressive short-coverings. Furthermore, any deviation below the support levels would be a bullish trigger.
On the Upside the EMA-50 has been preventing bulls from gaining momentum or authority. Ethereum has been lingering around this level, but the price has not gathered enough momentum to overcome it. The EMA continues to put downward pressure on the price. The EMA-50 at 1853.40 is once again the session’s key resistance. This dynamic barrier is preventing price from rising higher, and as long as bulls remain below this EMA, the pair’s upside will be limited. If the bulls win this fight, the upside is expected to extend back to 1860, followed by 1880.
On the Downside the pricing has become excessively dependent on the support levels of 1830 to 1820. Multiple tests on a critical level gradually weaken it, and the same might be said for this intra-day support zone. Similarly, the 12-hourly EMA-250 has been under significant pressure, and if this range fails to hold, Ethereum is projected to fall towards 1800 initially, followed by the range low levels of 1790 to 1770. The range lows must be held or else a situation of hyper selling could arise.
