12-Hour Analysis:
Big Picture: Ethereum has dropped to its lowest level since June 21st as a result of sustained pressure. Price held the supporting level for several trading sessions, cancelling off any downward moves. That changed in yesterday’s session, as Ethereum went below the 1820 support level and approached the 1800 mark. Despite intra-day pressure, sellers were unable to accomplish any candle closings below. This is nevertheless a cause of concern for the sellers, who have been working hard to keep the pressure on. The candle that fell lower had the largest volume inflows in 3-4 sessions.
On the Upside after seizing the liquidity from down, the price might witness some greater rounds of short-coverings. However, Ethereum is still experiencing heavy resistance from the 1840 level. Breaking through this level would enable for a smoother wave of covers, dragging prices up into 1860, then 1870 to 1880 levels. This is another area of high resistance that is expected to pose problems for bulls.
On the Downside another session with major supports ranging from 1830 to 1820. Yesterday, sellers attempted a hyper move and almost broke below the supports, but failed to generate the candle closing below for confirmation. As a result, 1830 to 1820 remains as major support, with additional assistance from the EMA. Below this level, the next level of support is at 1800, followed by 1790 to 1770.
