12-Hour Analysis:
Big Picture: Failure to regain access above 1680 led in another severe sell-off that challenged and almost violated the ascending trendline supports. Ethereum, on the other hand, still continues to respect the rising channel and is gently climbing inside the pattern. Nonetheless, 1680 will continue to be a significant level, and now coincides with the breakthrough level. Moving forward, the sooner this breakout occurs, the larger the surge will be; failing to breakout will most likely undermine the momentum and pattern.
On the Upside price has returned to the 1650 to 1680 range once more. These have been the most significant levels for Ethereum in recent weeks and months. After roughly 200 sessions, Ethereum has failed to maintain any strength above this level. Any acceptance above this level was also very short-lived and failed to translate into something substantial. This range will continue to provide significant challenges for Ethereum. If buyers can re-establish acceptability above this level they will then retarget 1730 level and potentially 1780 to 1820 levels.
On the Downside price fell below the trendline support at 1595, but quickly recovered within the channel. This has kept the pattern valid and will now provide support for the price at 1600. Below this level, the next level of support is at 1565. Having said that, this is Ethereum’s only decent intra-day support level in between this range, as any break below 1565 will likely expose price lower into 1540 and into the major supporting range of 1490 to 1480 levels.
