12-Hour Analysis:
Big Picture: Ethereum has been holding to its recent breakthrough but has failed to show any meaningful continuation. Price should remain in this range; otherwise, a possible divergence could occur, leading to aggressive profit-taking and a re-test of lower supports. Furthermore, the next several hours are still important for bulls who are hanging to the breakout but have been unable to utilize it for now.
On the Upside 1730 has now started to limit the upside. During the last several candles, the price has been consolidating between 1730 and 1680 levels. A surge over 1730 could reignite the bullish trend and re-establish a target range of 1780 to 1820. Also, momentum indicators are currently steadily building symptoms of weakness, recommending profit-taking on gains.
On the Downside the price has been effectively supported by 1680 and 1650. These are the breakthrough levels, which have now become breakout-based supports. If buyers can continue to protect the breakout levels, the prospects of a higher continuation grow dramatically. But, if these levels are breached, Ethereum is likely to fall back into the 1610 to 1600 range, with room for further drop.
