12-Hour Analysis:
Big Picture: Sellers maintained dominance during the previous week, printing another recent low on the pair. Since then, no additional negative continuation has occurred, and the Ethereum has mostly maintained in a sideways position. Today’s session, however, has started with some reasonable gains; still, Ethereum remains weak and requires a significant trend reversal from bulls before the sentiment becomes exciting again.
On the Upside as the price of Ethereum has risen over 1550, it is encouraging significant short-covering. Currently, the price has almost flipped the 1580 level and may be aiming for the 1600 level in the next hours if the momentum continues. Nevertheless, after reclaiming the 1550 mark, Ethereum has returned to the range levels of 1550 to 1730. Strength above 1640 must be attained for Ethereum to gain some sustainable momentum.
On the Downside over the past few weeks, Ethereum has formed a three-drive pattern. This pattern has the potential to partially reverse Ethereum’s trend. However, Ethereum’s momentum is unlikely to materialize unless it remains a notable critical level. The main support for the session is at 1550. The intraday support level is 1570. By holding 1570, the possibilities of ascending higher remain favorable.
