12-Hour Analysis:
Big Picture: Previously, Ethereum’s inability to break above 1680 caused a corrective phase in which it fell below the consolidation zone and went on to absorbed a large amount of liquidity. Yesterday after regaining the lost EMAs and trendline, there was a strong price surge back into the 1680 region. Such a move was highlighted in prior reports. Now Ethereum is currently aiming to break over the 1680 resistance level. Range could expand enormously towards the upside in an event of successful breakout.
On the Upside the price has returned to the 1680 resistance level. Initial attempt to exceed this level was made a few hours ago, but that push failed to show any significant strengths. Breaking through this level is essential for Ethereum to continue its upward trend. In an event of successful breakout Ethereum will next target 1730, followed by 1780 to 1820 levels.
On the Downside the initial support level is defined at 1650. This level has previously failed to establish itself as a strong support level. To support a price breakout, this level must transform into a firm support. However, below this level, the next supports are at 1600 to 1585. This is a significant intraday support level for Ethereum. In the presence of trendline support, Ethereum also sees a combination of EMA-32 and EMA-50 at this range. This region should provide substantial support to the price. Furthermore, while it appears improbable at the moment, if this zone is breached again, it will be a negative sign for the bulls.
