ETH-“Continue with Profit-Taking on Strengths”

12-Hour Analysis:

Big Picture: Ethereum had previously been stopped at the short-term range highs, but the profit-taking that began at this level was similarly short-lived as support levels below restricted any further move below. Price is gaining pace, and that too near to the range highs, indicating that it may expand above the short-term range highs. Active sellers are recommended to exercise caution in these areas, since potential expansion is possible.

On the Upside the initial resistance barrier for Ethereum remains at 1920. This is a powerful resistance level that has historically shown to be important level. As a result, this level is vital for upcoming sessions. Any sudden rises over 1920 may result in higher prices around 1944, followed by 1960. However, for Ethereum to confirm strength above 1920, it at least needs one three-day session closing above it.

On the Downside in the intraday session, Ethereum lost the 1900 level, but the significant session support at 1880, as predicted, halted the decline and prompted an intraday reversal. This area is still a support level for the session. As long as the 1880 level holds, Ethereum has a short-term aggressive bullish outlook. Losing this support, on the other hand, may force Ethereum to lose its aggressive position, resulting in a larger wave of profit-taking.