12-Hour Analysis:
Big Picture: After breaking out of the converging triangle formation, Ethereum surges higher. The bulls are currently leading the short-term move and must maintain this momentum in order to see additional gains. Going forward, the 1880 to 1920 region will be important, any strength above it gets bulls excited for extensive upside, while this area could also attract fresh sellers.
On the Upside breaking the 1820 to 1830 range levels prompted an intra-day breakout, propelling Ethereum through the 1860 level and setting a session high of 1872.75. Ethereum will most likely encounter pressure at and between the levels of 1880 and 1920. Ethereum has a short-term range top between 1880 and 1920 levels, which has been blocking any upside comparable to the range lows. Acceptance above 1920 opens the door to the next range for Ethereum, which spans from 1920 to 2070 levels.
On the Downside the newly attained levels of 1830 and 1820 are likely to convert into decent session support levels. If Ethereum re-tests these supports and has a strong bullish reaction, higher prices are likely in upcoming sessions. While if Ethereum fails to establish these levels as substantial, the breakout could turn into a fake-out, causing aggressive profit-taking for the session and re-exposing Ethereum to 1790 to 1780 levels initially, with the EMA-200 also exposed.
