12-Hour Analysis:
Big Picture: If bulls can demonstrate control over the 2400 mark, Ethereum’s structure might soon witness a vertical rise. If Ethereum is able to neutralize imminent profit-taking scenarios on the major levels, the price will be able to go next into the weekly resistances and potentially even break through them. Furthermore, the pattern shows that bullish continuation is likely to prevail.
On the Upside price is once again approaching previous highs. If bulls can build some solid momentum around this area, Ethereum’s price structure is likely to see some significant upside. Price will initially target the weekly resistance levels of 2480 and 2500, but the upside might extend much farther if bulls can prevent profit-taking. In such situation, the upside might target 2650 and 2720 in the near term.
On the Downside Ethereum’s support levels have been reset to 2335 to 2320. Following this, Ethereum’s next support levels are 2280 and 2260 to 2255. These levels have now built a solid foundation and are expected to provide significant security for Ethereum. Ethereum also has EMA-50 protection at the level of 2255.
