12-Hour Analysis:
Big Picture: After initiating a breakthrough, Ethereum hit a major milestone. The breakthrough, however, was brief and was shortly followed by profit-taking. Ethereum has entered a fresh phase of indecision, with neither buyers nor sellers taking the lead. As important supports remain below, a significant round of resistance on the upside are also seen. As a result, volatile conditions are expected to prevail.
On the Upside Ethereum is yet to convert the breakthrough levels of 1650 and 1680 into supports. If these levels are not recovered during the next few hours, they will reappear as resistances. Surpassing these levels will allow a move higher again into 1730, exceeding which extends the upside into 1755 and 1780 levels.
On the Downside earlier, Ethereum gained support between the 1650 and 1610 levels. These levels will be maintained as session support for the day. As Ethereum hit lower levels, there was a significant demand surge that dragged prices back above the supports. Ethereum will have various intraday supports ranging from 1650 to 1595. Until and unless the price falls below 1595, the downside risk remains minimal.
