12-Hour Analysis:
Big Picture:
Since mid-July, Ethereum has been operating in a difficult environment. Price has been caught between the 12-hourly EMA-50 and EMA-250 since July 21st. For the past 24 days, no candle has been able to close above or below any of the dynamic levels. Furthermore, the slowness is confirmed by the RSI, which has also been confined between 40-50 mark throughout the same time period. This indicates that despite dropped activity, yet prices have remained stable over this period. Going forward, breaking through the EMA-50 and 1880 levels might pave the way for a bullish outlook.
On the Upside the EMA-50 level continues to be a source of resistance for Ethereum. This has been a significant level of resistance for Ethereum, gradually pulling the price lower session after session. Ethereum must break over this level in order to return to higher levels in the area of 1880, followed by 1920 to 1940.
On the Downside the EMA-250 support level creates a comparable environment. Despite several attempts, the level has not lost its strength and continues to provide solid support. Furthermore, Ethereum is protected from the horizontal support between the levels of 1820 and 1830. If the RSI momentum falls below the 40-35 level, Ethereum will witness fresh inflow of pressure which could potentially outweigh the support levels leading to lower levels.
