12-Hour Analysis:
Big Picture: Ethereum failed its initial breakthrough attempt, but has made a strong rebound and is now trading above the breakout levels. If this strength holds over the next several hours, Ethereum might see a significant breakout to the upside. Ethereum has lagged behind in the market so far, but if the breakout continues, it might catch up much more aggressively in the coming days.
On the Upside For the moment, the price continues to move higher, but Ethereum is lacking the aggression necessary for a vertical move higher. Price is presently trading over the 1900 mark, and maintaining this level is critical for Ethereum if it is to quickly climb into 1980 to 2000 levels, and potentially higher.
On the Downside if bulls fail to find aggressiveness above the breakout mark, Ethereum will stay vulnerable towards the levels of 1880 possibly even the 1850 level. These levels will be tested repeatedly in an event of failed breakouts higher. Furthermore, the quicker EMAs are rapidly approaching these levels, contributing to the price’s support.
