12-Hour Analysis:
Big Picture: The price was held by the supports, which are now pushing for another re-test of the short-term range highs. If Ethereum fails to surpass the range highs, it may enter a profit-taking phase again, thus profit-taking on strength is still encouraged. Price breaking above the range levels would signal the start of a decent expansion phase that might reach higher levels in the sessions to come.
On the Upside Ethereum is seeking to retake the resistance level of 1880. This will be a crucial milestone for the session since regaining it and establishing strength above it would re-take price higher towards the 1900 level, followed by the 1920 level, where the short-term range high is seen. Ethereum must maintain a foothold above the 1920 level in order to continue advancing. If it succeeds, it will open the next levels at 1940, followed by 1980, and 2000.
On the Downside the price was effectively reversed when the dynamic support from EMA-50 held a few tests. This has been an effective S/R level inside this range, and the price maintaining above it now favours bulls. Any further decline is unlikely unless this level is breached. However, this is not likely for the session, but if pressure re-emerges and violates this support level, price is expected to drop back into the 1830 to 1820 support levels, which will be crucial for the session and weekend. Any breach below them would probably drive price down to the short-term range lows and the EMA-200 level.
