12-Hour Analysis:
Big Picture: The short-term range lows prompted another massive reaction and triggered a very strong intra-day turnaround. However, for the price to enter an expansion phase, this reversal must now continue and surpass the short-term range top. Unless and until either side breaks, market activity is projected to stay contained within these constrained levels.
On the Upside from the 1880 level, Ethereum will find intraday resistance. This will be another key milestone to recapture in order for the price to continue its aggressive short-covering and price rise. If 1880 is not surpassed, progress may be slowed down and some profit-taking could be seen. Strength exceeding 1880 level leads towards 1900 level followed by the 1920 level. While a breakthrough above 1920 will trigger another bullish breakout for Ethereum.
On the Downside Ethereum is currently seeing intraday profit-taking, which will force it to test the 12-hourly EMA-50 at 1858 once again. Furthermore, the range mid is evident around these levels, which will help support price. However, in the event of a prolonged re-test, levels from 1830 to 1820 might be re-tested. Maintaining these supports will keep the upside move in a favorable direction. While any break below these intra-day supports exposes the range lows.
