12-Hour Analysis:
Big Picture: The battle between bulls and bears is still going on. Bulls failed to build strength above the 1820 level, which was required for the rally to continue to the upside. Now, sellers are driving the price down into the support zone once more. The reaction at these levels will dictate Ethereum’s upcoming movements. Breakdown below the supports would allow for another selling spree, but holding the supports and the dynamic levels would keep price away from any major sell-offs.
On the Upside the 1812 level is going to offer small resistance to Ethereum. Above that, resistance from the 1820 level resurfaces. This level must be broken in order for the price to go higher and challenge higher levels. Unless and until 1820 is broken, the upside will be limited and unsustainable. While strength beyond 1820 initially leads towards the 1840 and 1860 levels, a breach of which drives price even higher into the 1880 to 1920 levels.
On the Downside Ethereum is on the brink of breaking through the 1800 support level and is now aiming for the 1780 level. This will be a critical support level to hold; otherwise, price may re-test recent lows as well as dynamic support levels. The EMA supports are currently positioned at 1765 and 1735 levels. Upon getting tested, these EMAs are expected to push for another round of short-coverings.
