12-Hour Analysis:
Big Picture: The bulls responded with a significant price increase. Initially, the base was solid enough to withstand intra-day selling, but after Ethereum broke over the 2320 mark, a strong impulsive action took place, hitting the initial objectives as well as setting a new 52-week high for the pair. Ethereum may re-test the breakout, and if it holds, the upside is expected to push into weekly levels.
On the Upside as price broke out over the 2320 level, the upside soon looked for the levels of 2380 and 2405, which it was able to partially breach. The momentum is still in favor of the bulls. However, partial resistance from 2380 and 2405 is still expected, but if the momentum continues, the upside is likely to advance next towards 2450, followed by 2480 and 2500 levels.
On the Downside Ethereum received initial support at the 2365 level. This level initially offered sufficient support during the re-test, but if bulls can convert it into firm support, the upside is likely to arrive much sooner. Meanwhile, a breach below this level might result in some intraday profit-taking back into the breakout supports of 2335 to 2320.
