12-Hour Analysis:
Big Picture: The support levels have played a role in driving Ethereum to rebound. However, Ethereum is yet to adopt an aggressive position, so any upside for the moment should be considered for profit-taking and re-adding lower at support levels. As long as the range remains intact, playing the pair both ways is a safer option.
On the Upside after breaking past 1860 price went onto test the 1880 level and posted a session high at 1887.50. For the session 1880 remains a level of resistance for Ethereum. Furthermore the EMA-50 level is also causing hurdles for the price as it resisted yesterday’s ascend higher. As a result strength above the horizontal resistance and the EMA resistance would allow for a higher push towards 1900 level initially and possible could extend back towards the range highs at 1920 to 1940 levels. This is where stronger rounds of profit-taking remains expected.
On the Downside the recently recovered levels will serve as minor intra-day supports for the session. Initial support will be observed at 1860. Below 1860, the next proper support level is 1840, which is held by the 12-hourly EMA-200, followed by 1830 to 1820 levels. Ethereum’s inability to rise higher would almost certainly result in a re-test of these support levels.
