12-Hour Analysis:
Big Picture: Another powerful bullish trend came to a halt at the 1680 barrier level. Sellers have been particularly active at this level, and they have been successful in restraining buyers’ strength above this level. Nevertheless, they have been protecting this level for a few weeks with no signs of trembling. Buyers are expected to re-test lower supports and later on may initiate another breakthrough attempt. And besides, Ethereum must hold the re-test of the 50 mark on the RSI and bounce back strongly.
On the Upside the 1680 resistance level does its job again by limiting the aggressive bulls. Price has once again been rejected of this region. The session’s initial resistance is at 1650, followed by 1680. Therefore, until this zone breaks, the coins upside will be limited.
On the Downside Ethereum could re-test the 1605 to 1585 support zone. This area is shielded by a combination of supports. The EMA-32 and EMA-50 dynamic supports are the most significant ones. Furthermore, a re-test of this range followed by a positive reaction can trigger a rebound towards the 1680 zone. But, for Ethereum, holding onto these supports will be critical in order to maintain the bullish momentum, as sliding below may transform the profit-taking event into a panic selling phase.
