12-Hour Analysis:
Big Picture: Yesterday’s session failed to break over the 1680 level barrier. Price has made many attempts in recent days to break through this level, but has so far been unsuccessful. Furthermore, the EMA-32 support level climbs higher, protecting the price from further slippages. Going forward, the pattern is still evolving, and a break on either side will lead to the next impulsive move.
On the Upside the previous several candlestick closes continue to indicate a move higher for Ethereum. This strength, however, will lead to exhaustion if buyers do not lead a breakout shortly. The levels at 1650 and 1680 continue to restrain price increases. These are critical barriers that must be overcome if Ethereum is to reach higher levels.
On the Downside until recently, Ethereum has been protected by a number of supports. The 12-hourly EMA-32 level continues to provide initial support at 1617. This is a major support level holding which favors the bullish momentum. Any breakdown of this support will expose Ethereum to lower levels, initially between 1605 and 1595, with room for further downside potential targeting the trendline support between 1580 and 1570.
