12-Hour Analysis:
Big Picture: Ethereum is trapped between important S/R levels on both sides. Both participants are aggressively holding their given levels, causing the pair to be indecisive and volatile. While there is significant price resistance above, lower levels provide similar protection. The side that can overwhelm the other is likely to set the next short-term trend on Ethereum.
On the Upside the upswing has been capped by the levels 2380 to 2405. Although price has been able to rise above these levels, despite their strengths, they have been unable to achieve any major price closings above, implying that Ethereum on strength is still encountering profit-taking scenarios. The session’s primary resistance levels are 2380 and 2405. Following this, the next resistance levels are at 2480 and 2500.
On the Downside price is likely to visit lower supports, if the congestion higher continues to restrict the bullish breakthrough. The initial supports are 2335 to 2320, but if pressure rises, these can pave the way for 2280 and 2260 to 2255 levels all over again, where some short-term intra-day short-coverings might be tracked.
