12-Hour Analysis:
Big Picture: Ethereum has come under pressure once more, as the price went close to the top of the short-term range. This time, the push stayed lower than in prior instances, indicating that buyers are becoming exhausted near the major resistance zone. Similarly, despite having the short-term advantages, sellers have been unable to push the price further lower. The next trending move for Ethereum will be observed whenever either of these sideway-range is broken.
On the Upside the range levels stay unchanged. The initial resistance is at 1860, while the session’s significant resistances hold firm at 1880 and 1920. There is another intra-day resistance level at 1900 in between these two levels. Strength over 1880 will help to reduce selling pressure, while strength above 1920 will result in a strong intra-day push to higher levels.
On the Downside price has halted selling around the support levels of 1830 and 1820. These levels were identified as strong supports for the prior session. For Ethereum, holding these levels keeps price away from the main support levels, hence protecting lower supports. Breach of these supports, on the other hand, immediately exposes price to the short-term range lows of 1790 to 1780 levels. However, the price is presently protected by the EMA-200 right above the range supports.
