12-Hour Analysis: Big Picture: The EMA-50’s enormous pressure was too much for buyers, who failed to break over this barrier in yet another session. Since July 21st, not a single 12-hourly candle has closed above the EMA-50 level. Price is still being pushed by the main EMAs of 50 and 200 at both ends. Furthermore, since mid-July, the price has been narrowing within the current range. Overall, the conditions indicate that range extension is coming closer with each passing session.
On the Upside the EMA-50 is still the primary resistance level for Ethereum. Since yesterday’s sessions, the EMA has dropped marginally to 1857.80. The previous price spike has been able to slow down the EMA’s fall, but buyers have been unable to accomplish any significant breakthrough against the EMA. Breaking over the EMA-50 is critical for the upswing to continue towards 1880 and then 1920 levels.
On the Downside the 1850 support level is beginning to shatter as the price seeks to go down towards 1840, followed by the 1830 to 1820 range levels. If Ethereum continues to struggle off the EMA resistance, it is likely that the price will shortly retest the intraday support levels of 1830 to 1820, where substantial protection still exists. However, due to ongoing pressure, these supports may begin to deteriorate as buyers remain on the sidelines.
