12-Hour Analysis:
Big Picture: Ethereum fell lower in yesterday’s session and fairly lower in today’s sessions. However, the drop was firmly bought into, and a number of candlestick formations are beginning to emerge. A powerful hammer candlestick first appeared, which is now moving into a morning star pattern, that too at a critical supporting level. Ethereum’s control above 2320 is expected to form a reverse head and shoulder pattern, which could thrill bulls in the coming sessions.
On the Upside bulls are re-shaping for a re-test of 2320 following a powerful reaction from the lower levels. This will be a critical breaking point for Ethereum. If bulls can push the price over this level, it could quickly hit the levels of 2380 to 2405, while aiming for the higher targets of 2480 to 2500 next.
On the Downside price has once again flipped 2260 to 2255 back into the support territory.These will now be the primary supports for the session followed by the 12-hourly EMA-50 at 2225 which was crucial in yesterday’s price protection.Meanwhile 2205 to 2190 also stand as strong supports for Ethereum for the session.
