12-Hour Analysis:
Big Picture: Ethereum’s actions continues to favor neither participant. Over the previous several hours, it has been quite choppy and slow inside the range, resulting in abrupt candlestick patterns. Furthermore, for the previous three sessions, this range-bound scenario has been even more constrained as Ethereum has been compressed within a 2% range. Such congestions naturally lead to expansionist measures, but standing on the sidelines is suggested till a move is obvious.
On the Upside Yesterday, Ethereum was testing resistance levels ranging from 1920 to 1940. It failed to overcome this zone, resulting in yet another profit-taking that dragged the coin back to its supports. The initial resistance level for Ethereum will now be 1900, followed by this important barrier zone of 1920 to 1940. To have a fair run towards 52-week highs, Ethereum’s price must exceed both this congestion zone and the psychological resistance of 2000.
On the Downside Ethereum has returned to the EMA-50. For some time this dynamic support has been shielding this trend. After holding onto this EMA, Ethereum has taken repeated pushes to the upward; however, the EMA may be weakening currently owing to price failure to exceed the critical resistances above. If Ethereum loses this support, it is projected to fall towards 1870, while breaching this pulls Ethereum considerably lower, initially into 1830 to 1820, with room for 1780 as well.
