12-Hour Analysis:
Big Picture: Another strong response off the trendline, and price returns to the major resistance zone. Moving forward, Ethereum will experience significant congestion between 1650 and 1680, and it will need to give a few strong session closings above this level to confirm its acceptance above this level. And besides that, any short-term deviation over 1680 will not be a good sign for the bulls. Buyers must avoid such price developments, or else the second wave of short-term selling may be more aggressive compared to the initial one.
The Upside remains the same with Ethereum still getting crowded at the 1650 to 1680 levels. These levels remains overwhelmed with sellers, preventing buyers from advancing higher. Strength above this zone is once again required to expand price’s upside potential. Ideally a 3-Day close above 1730 would be a very bullish sign for the price which could then aim for 1780 to 1820 levels.
On the Downside the trendline-based supports are still effective. Sellers will struggle to drive prices lower as long as this trendline level holds. This support is now found between 1610 and 1605. If buyers maintain this level of support, the downside will be restricted; however, if this trendline is breached, sellers may see intra-day hold and aim for lower levels initially around 1570 to 1565 levels, with a possible aim of 1540.
