12-Hour Analysis:
Big Picture: Ethereum’s strong daily session closing over 1700 could kickstart a short-term bullish trend aiming for higher levels in the next hours and sessions. The breakout-based supports have held and are causing an excellent reaction. Price will revert to recent highs if strength over 1700 is maintained ahead.
On the Upside price is now attempting to breach the 1730 resistance level. Surpassing this level allows price to advance towards the 1755 and 1780 levels. Additionally, 1780 is a significant threshold level. Price acceptance over 1780 broadens the price range spanning from 1780 to 2030 levels.Also, a major EMA cross-over is nearing, adding to the bullish outlook.
On the Downside the breakout-based supports at 1680 and 1650 limited the downside re-test and prevented any candle from closing below them. The response is still strong, and these levels are likely to provide support in future as well. Additionally, unless sellers break below the 1650 level, they are expected to stay sidelined; nevertheless, breaking below 1650 would expose price towards lower levels in the 1620 to 1610 zone, possibly even to 1595 levels.
