ETH-“Decent Support Re-Test”

12-Hour Analysis:

Big Picture: Price, after hitting higher levels and setting a new 52-week high, Ethereum some significant profit-taking rounds, which, as previously discussed, exposed Ethereum to breakout-based supports. The initial response is still quite strong, and if bulls can obtain a strong continuation confirmation, the upside could re-aim for higher levels as well as weekly resistances.

On the Upside Ethereum is returning to the levels of 2380 and 2405. A sustained hold above these levels propels the price up to the weekly resistance levels of 2480 and 2500. Ethereum has been feeling the heat, and when the price approaches these levels, profit-taking begins. Expect profit-taking scenarios to persist upon strength.

On theDownside After falling below 2365, Ethereum had a fast drop, dragging the price down into the 2335 to 2320 range. These levels were indicated as breakout-based supports, and a positive reaction from this zone was well anticipated. Once again, a hammerish candlestick pattern is forming from this support level, indicating a reversal, although even if for the short-term.