12-Hour Analysis:
Big Picture: Ethereum had a significant intra-day impulsive move over the 1680 level, when price surpassed this level and sparked a hyper-move seeking higher levels in only a few minutes. Meanwhile, buyers were unable to maintain their bullish momentum, opening the door for intra-day profit-taking that nearly erased the session’s gains before finishing a few points higher than the session’s opening. Volatility is predicted during the next several sessions.
On the Upside price triggered a significant spike, but that increase did not offer anything sustainable. Ethereum may see resistance from the 1680 level again, followed by 1730. Moving forward, Ethereum now must maintain a foothold above 1780 in order to gain access to the next range of upside, which is located between 1780 and 2050 levels.
On the Downside price briefly held the 1680 level, but is now beginning to trade below it. This level is important for session closing. If the price remains at this level by the end of the session, it will be a good indication for the bulls. If Ethereum breaks this level of support, it is projected to sink deeper into lower supports before making any further advances. Substantial supports can be found at 1650, followed by 1630 and 1595. If the price re-tests the 1595 level, expect fresh demand inflows.
