ETH-“Pivotal Support Levels Under Test”

12-Hour Analysis:

Big Picture: Ethereum’s price is still under pressure. Buyers are holding the crucial support level, but their diminishing strength is beginning to become apparent. If this level is to be held longer, a significant reaction from buyers is required; otherwise, the risks of becoming overwhelmed by sellers grows considerably.

On the Upside price is fighting to regain its footing. Initial intra-day resistances remain active at 1505 and 1520. Surpassing these resistance levels will push the price higher, with a target of 1540 in sight. Morevoer, f or the session, there is significant congestion between 1555 and 1570 levels. There are several resistances here that will limit or slow any price spike.

On the Downside sellers are presently on the charge, seeking to breach the immediate support level of 1490 to 1470. This is an important support level that buyers must defend in order to maintain the short-term bullish momentum and signal the end of the corrective cycle. Any aggressive selling pressure below these levels of 1490 to 1470 can potentially prolong the corrective phase and risk a higher time-frame reversal.