12-Hour Analysis:
Big Picture: Ethereum is currently stuck between 1780 and 1820 levels. The present range, however, extends from 1780 to 1920 levels, but in order for that above range to open, Ethereum must break and sustain above the 1820 level. Price activity will continue to be confined within these narrow ranges with choppy price action unless strength above 1820 gets to be seen.
On the Upside the resistance from 1820 to 1830 level remains crucial. Any short-term move is still reliant on this level. If buyers can break through this level, a push higher into 1860 is on the cards, followed by a move into 1880 to 1920 levels, which is also the short-term range high. Expect aggressive profit-taking at these levels if tested in next couple of sessions.
On the Downside the dynamic EMA support level at 1770 and the range low support levels at 1790 and 1780 held Ethereum’s aggressive intra-day sell-off. For the past few days, these supports have been absorbing all of the selling pressure. Having said that, the sooner bulls step up and pull price higher, the better it will be for these support levels, since being tested repeatedly will deplete their strength and could eventually get breached.
