12-Hour Analysis:
Big Picture: Ethereum has been trading at the intraday support level for several hours. Having said that, buyers must now act quickly and push Ethereum over the 1680 level in order to extend the upside potential. Failing to act aggressively would almost certainly lead to the breach of intraday support, with the price sliding further towards the next support levels. Furthermore, the major driving EMAs of 32 and 50 have now positioned downward and are likely to add to the already mounting pressure.
On the Upside Ethereum’s price has been limited at 1570 and 1580. Back-to-back candles closing above 1580 will likely push prices higher into the 1595 to 1610 region. Ethereum is anticipated to experience severe selling pressure here once more. Not only does this zone have horizontal resistance, but the price also sees the dynamic EMAs of 32 and 50. These levels will act as significant pricing barriers. Unless Ethereum breaks out of this range, its upside will be limited. Breaking through this region, however, will prolong the upside into 1625, followed by 1640.
On the Downside the intraday support level of 1565 continues to defend the price. This level has held exceptionally well; nevertheless, in order for this level to remain valid, Ethereum should now preferably move higher and overcome its initial resistances; otherwise, the possibility of breaking this support level increases. If this support is breached, Ethereum will fall towards 1540, followed by 1510 to 1500 levels. Whenever these supports are tested, expect aggressive short-coverings.
