ETH-“Back in Range”

12-Hour Analysis:

Big Picture: Over the weekend, Ethereum broke through the range and aggressively surged back up into the 2000s. However, that push was short-lived, as price suffered strong profit-taking almost immediately after hitting the trendline resistance, pushing Ethereum back into the range. Unless Ethereum is able to build a stronghold above the 2000-mark, lower supports are likely to be tested in the following sessions.

On the Upside previously, when the price broke the 1920 level barrier, there was a significant price rise that surpassed almost every intra-day resistances and carried Ethereum into the 2k mark, where bulls failed to maintain a stronghold, leading to violent profit-taking. However, during the session, the initial resistance remains between 1880 and 1900, followed by the 1920 resistance level. Despite the outlier, 1920 remains the range top surpassing which would favor the bullish viewpoint once more.

On the Downside Ethereum has good intraday support between 1830 and 1820. For over two weeks, this region has been holding price against any further sell-off. This also places huge liquidity below these supports, which might be a price target for sellers. However, sellers will find difficulties in dropping prices as long as these supports remain in place. Loss of these supports, on the other hand, would result in lower Ethereum prices, initially towards 1780 followed by 1750. Ethereum has the EMA-100 level around 1750, which could call for intraday relief.