12-Hour Analysis:
Big Picture: Price is pushing back upward after acquiring liquidity at lower levels and is now looking for liquidity at higher levels. Despite prolonged pressure, the EMA-200 level, together with horizontal support levels, held the levels remarkably effectively. Up ahead, Ethereum is presently testing the EMA-50, which was previously a major down trending resistance. If the price can find acceptance above this EMA, it will help to reduce the pressure and develop some momentum.
On the Upside yesterday, after breaking through 1840, a fast wave of short-coverings occurred, dragging the price close to the 1880 level. However, the strength was short-lived, as profit-taking soon sent the price down. Ethereum is testing the EMA resistance level once more. This EMA has not been broken in the last 19 sessions. Breaking through this level would be a positive development for the bulls, who would then target the 1880 and 1920 levels.
On the Downside the support levels have been re-established, initially at 1850 and again at 1840. These are the primary support levels that will withstand any short-term challenges. Below these, the stronger supports remain valid between 1830 to 1820 levels, with the EMA-200 level providing further protection.
