ETH-“Getting Ranged Again”

12-Hour Analysis:

Big Picture: Ethereum yet again fails to break past the ascending channel resistance. This marks a 6th rejection of that level in just a few months. Furthermore a short-term double top could be in development as well. For the upcoming session, active buyers shall adopt some caution for the session and look to benefit from any strong support re-tests. Strength above the trendline resistance is likely to lead for another breakout.

On the Upside the levels at 1880 and 1910 are now again considered primary resistances. The previous session attempted to establish a stronghold above 1910 level but failed, resulting in another round of profit-taking. For Ethereum strength over 1910 is necessary for it to rise further higher into 1950 and 1980 initially and with the possibility of hitting the 2000 mark.

On the Downside the 1860 level emerges once again for support. This level has once again provided excellent support for Ethereum. Also, the trailing EMA-32 is rapidly approaching this level, adding to the strength of this support level. If sellers are able to breach this support level, Ethereum will fall back towards the 1820-1780 breakout range.