12-Hour Analysis:
Big Picture: Ethereum standing at a major pivotal level. For Ethereum the lower-supports between 1490-1470 hold extreme significance. Historically price remains bullish above this support level, however the last 3 breaches of this support have led to a major sell-off. Ethereum is currently facing pressure from the above resistance levels and looks likely to re-test these support levels. Any short-term deviation below these supports will benefit bulls, however pressure build-up below these supports can prove to be fatal for bulls.
On the Upside intra-day resistances were established again, initially at 1595 to 1605 levels. Above this, the next level of resistance is noticeable around 1650 to 1680. Even with such a strong momentum, this region has proven to be too powerful for buyers to overcome. This demonstrates that this level of resistance is significant, and unless a clear break above this level is accomplished, the upside will stay confined.
On the Downside the 1570 level served as a powerful support level, preventing the price from falling any further. Furthermore, Ethereum challenged the 12-hourly EMA-32 trailing support level and quickly bounced off it and closed above the 1570 support level. This EMA support level has historical significance because it has served as both resistance and support several times in recent weeks. The next support zone below these is between 1540 and 1520. This is another major support zone holding that will prevent additional selling. However, a break below this level sends the price lower towards the 1490 to 1470 support zone.
