12-Hour Analysis:
Big Picture: While Bitcoin is still under pressure, Ethereum has maintained its position very well. This strength now requires a break over the 1680 level to provide major bullish momentum. EMA-32 has been a key contributor to this sustainable strength. Furthermore, Ethereum is developing an ascending triangular pattern, which encourages trend continuation. However for confirmation strength above 1680 is still essential.
On the Upside Yesterday, the price made another attempt towards the 1650 mark. No major breakthroughs were witnessed as a result 1650 and 1680 are still to remains as strong resistances. These are significant resistances that if broken may lead to a major rally to the upside, initially targeting 1720 to 1730 range levels and potentially rising much higher into 1780 to 1820 levels.
On the Downside Ethereum held to both the horizontal and dynamic support levels of the EMA-32. Price has been rejected from higher intra-day levels multiple times, but it has also continued to rise with higher low formations. This range is becoming increasingly narrow, indicating a possible breakout. The initial support for Ethereum is at 1620, followed by the EMA-32. The next supports are at 1570 and 1550 range levels.
