12-Hour Analysis:
Big Picture: Ethereum failed to show any sustainable strength yesterday and is currently under pressure. It is having difficulty breaking beyond the 1680 resistance level. However, in order to maintain this momentum and climb higher, Ethereum must achieve a solid close above this barrier. Failure to establish strength can lead prices into a re-test of lower supports before any further trend continuation.
On the Upside Ethereum faced selling pressure from the 1595 to 1605 resistance level. Price remained unable to surpass this level in the previous session. This range is expected to function as a difficult intra-day level for the buyers. Surpassing this will however, once again lead prices higher initially towards 1625 followed by 1650 to 1680 level. This is a historically important resistance level that needs to be breached for price to surge higher.
On the Downside the 1570 level has once again provided support to the price. Ethereum survived another session above this level of support. Furthermore, when the EMA-32 rises higher, this support may consolidate into an even stronger support zone between the 1560 and 1570 range levels. Below this support range, the next range of support is visible between 1540 and 1520 levels, followed by 1490 to 1470 levels. Ethereum is likely to avoid major selling events as long as the bottom range holds.
