ETH-“Ethereum Remains Weak”

12-Hour Analysis:

Big Picture: Another higher impulsive behavior was seen in yesterday’s session after a few sessions of limited price activity. Prior reports highlighted that the prolonged consolidation could shape up in a bearish flag and lead to another impulse lower. Bulls still continue to look weak on the charts and could fall even further.

On the Upside the recently lost levels of 1680 and 1700 are to be session’s primary resistance levels. These levels are likely to attract aggressive sellers once again if re-tested. Expecting bulls to immensely struggle around these resistance levels. On the contrary if bulls are able to recapture these levels, an equally stronger wave of short-coverings could be monitored which will quickly aim for the 1770 to 1790 levels.

On the Downside Ethereum has been exposed towards the next significant support levels of 1480 to 1520 after losing the 1680 support level. Above these major levels, however, there are a few intra-day supports that will drive rounds of short-covering as well as intra-day reversals. The Daily MA-200 support level for Ethereum is first set at 1630. This level will provide solid support for Ethereum. The next levels of support are at 1605 to 1595.