12-Hour Analysis:
Big Picture: After entering a phase of hyper-selling, Ethereum has recaptured a crucial S/R level that provoked panic short-covering over the weekend. The next several sessions for Ethereum will be crucial and tough for both Bulls and Bears. Presently, a deviation below the S/R level favors buyers for a move higher, whereas for sellers, the price must break back below the S/R level and continue lower. If sellers are unable to get the price down below the S/R level, the likelihood of an upward breakthrough over 1680 level grows considerably.
On the Upside several resistances are seen between the levels of 1590 and 1680. Bulls have found it quite difficult to build any aggressiveness above this zone. Price is once again testing this zone. The horizontal level of 1595 will provide initial resistance, followed by falling trendline resistance at 1610. Strength above this level will be required for Ethereum to advance into 1630, followed by 1650 and 1680.
On the Downside the EMA-32 and EMA-50 have been regained. They are expected to provide intra-day assistance at 1565 and 1545 levels. Moreover, Ethereum has an additional horizontal support at 1565, making this area a good intraday support. Below this region, the next level of supports are at 1510 to 1500 range, followed by 1490 to 1470 region as the significant S/R level support.
