12-Hour Analysis: Big Picture: Neither the strength nor the weakness is developing into a sustainable move. Ethereum’s indecision has resulted in an unsustainable trend in recent weeks, with the pair struggling to find continuations while gaining and losing important levels. In this environment, participants have found it difficult to position themselves. Conditions are expected to remain sluggish as long as indecision persists.
On the Upside Ethereum is revisiting the levels of 1920 to 1940. Over the last several weeks, Ethereum has twice climbed over this level, but each time it has failed to maintain the breakout levels, resulting in sell-offs. Strength above this zone raises the chance of price re-testing the 1980-2000 range and breaking out for higher levels.
On the Downside the 12-hourly EMA-50 level interacts positively with the price once more. This EMA has been quite reactive during the previous several months. Price movement above this EMA has favored a bullish perspective, while price movement below it has favored a bearish outlook. Ethereum continues to hold and respect the current EMA level of 1895. The EMA has once again protected Ethereum from further declines and is the session’s initial support level. Loss of this dynamic support will be a setback for buyers seeking higher levels. Below 1895, the next levels of support are at 1870, followed by 1830 to 1820.
