12-Hour Analysis:
Big Picture: Despite heavy selling, the bulls have been able to keep the price above the breakthrough support levels. This is an important achievement for the bulls, and if they can maintain these levels, it will only be a matter of time until Ethereum returns to an aggressive mode, aiming for those higher weekly resistances. On Ethereum, a falling wedge pattern is forming, implying that the current drop is likely to be only correction.
On the Upside the session’s initial resistance level is 2240. Following this, bulls are expected to encounter some minor resistance at the 2260 and 2280 levels. Meanwhile, bulls will be in a strong position to re-aim for 2320 first, followed by 2380 to 2405 levels if they can manage to sustain above 2280. If Ethereum can achieve significant momentum, it is likely to extend its upside further into the 2480 to 2500 weekly levels.
On the Downside Ethereum’s intraday supports are 2180 and 2170. Furthermore, Ethereum has a level of breakout support between 2130 to 2120 levels below these supports. These levels, which were formerly immense barriers but are now successfully positioned as powerful supports. Furthermore, the 12-hourly EMA-100 is swiftly aligning itself around these breakout supports, further reinforcing this zone.
