12-Hour Analysis:
Big Picture: The EMA-50 challenge was too strong for the bulls to overcome on their initial attempt. Over the previous 20 sessions, this EMA has gradually pushed the price lower. For the previous 20 days, bulls have been unable to break through this level. Ethereum is currently trapped between the two key dynamic levels, and the pair’s momentum remains weak.
On the Upside the initial and stronger resistance remains at the EMA-50 level at 1858. Price has been failing in both, failing to break through the resistance level and to put on some sustainable momentum. If buyers can break through this level of resistance, Ethereum might see significant short-covering. Clearing this level would allow prices to rise towards 1880, followed by 1920 levels.
On the Downside Price is currently maintaining the intraday support level of 1850, but with increasing pressure from the EMA-50 level, this support may soon give way to the 1840 level. Besides, the sessions major support remains between 1830 to 1820 levels. Buyers have been able to withstand several selling pressures up to this point; nevertheless, to ease this pressure, strength above the EMA-50 remains important, as recurrent failures at that level would lead price to seek deeper supports.
