12-Hour Analysis:
Big Picture: After regaining the important S/R level, Ethereum has been marching strongly to the upward. Price has returned to the congestion zone, and another reaction is being watched from this level. Buyers, on the other hand, are beginning to aggressively threaten the 1680 level, and a clear break above this level would send Ethereum on another strong impulsive surge to the upside.
On the Upside Ethereum is once again attempting to breach the 1680 resistance level. Bulls have found it incredibly difficult to establish their foothold in this specific region. It is still essential for Ethereum to break over this level in order to lead another breakout on the upside. Aiming for 1730 level, followed by the 1780 to 1820 region. Expect a good round of intra-day profit-taking around these levels.
On the Downside Ethereum is now approaching the level of 1650. If price can convert this level into a support, it will be a very useful contribution for the bulls. Yet, following such a strong surge, Ethereum may have normal retracements before continuing to rise. Below 1650, the next level of supports are at 1630, followed by 1595 and 1565. A good response is anticipated whenever these levels are retested.
