ETH-“1780: A Key Support Level”

12-Hour Analysis:

Big Picture: After testing the dynamic EMAs, Ethereum experienced intense rounds of short-covering. It is also aiming to reclaim access above the 1820 level. Returning to the prior range would consider the recent sell-off as a deviation similar to the one that exceeded the 1920 level, keeping the price between 1820 and 1920 for the expected sessions. However, if pressure builds up below 1780, the bearish continuation is likely to be seen.

On the Upside the bulls would benefit from strength above 1820. Re-acceptance in the previous range would re-open the range between 1820 and 1920. While a sustained hold over 1820 would permit a move higher back into 1840 breaking which leads next towards 1860, with room for a re-test of 1880 and 1920. Having said that 1820 to 1830 is major resistance for the session.

On the Downside between 1820 and 1780, Ethereum re-established its supports. This region is still critical for Ethereum to avoid additional selling pressure. The longer price remains in this range, the more it will absorb the ongoing selling pressure. If Ethereum begins to lose strength below 1780, it risks falling into the stronger EMAs, breaking which would trigger a bearish spell for the coin, initially targeting 1680 with room for lower levels.