12-Hour Analysis:
Big Picture: Ethereum tested the EMA-32 driving force once more recovered impressively. Price is currently seeking to break over the 1680 resistance level. Maintaining a stronghold above this level will attract breakout players, who will then push to seek higher levels for Ethereum. Failure to secure a successful breakout will result in the pair becoming range bound once more.
On the Upside the price of Ethereum is now hovering towards the 1680 resistance level. Profit-taking pressure is presently kicking in as the price attempts to break through this level. Bulls must sustain their strength at this level to counteract any selling pressure. Surpassing 1680 and maintaining strength above it will take the price towards the 1720 to 1735 levels, followed by 1780 to 1820 range.
On the Downside the recently regained levels of 1605 to 1595 are likely to act as Ethereum’s initial support levels. Following this, the price has further protection at the 1570 level, where both the horizontal and dynamic levels converge. This is a significant support level for Ethereum, and as long as it holds, particularly the EMA-32 level, the price will remain optimistic.
