12-Hour Analysis:
Big Picture: Buyers were unable to establish any strongholds over the 1680 resistance level, hence the initial breakout effort failed. Furthermore, the current price surge has grabbed a significant amount of upside liquidity. If buyers do not step up quickly, a downward flush of liquidity is not out of the question. Price, on the other hand, is projected to return to prior range-bound levels for the time being and get rough again.
On the Upside The 1650 to 1680 range levels were once again too powerful for the price to overcome. Ethereum has been hitting this resistance level very frequently in recent trading sessions. Even after several tries, no significant breakthroughs for the price above this zone have occurred. Unless there is a clear break above this range, the upside will be limited to these levels. Surpassing this range, on the other hand, is predicted to widen the upside first towards 1720 to 1735 levels, then to 1780 to 1820 levels.
On the Downside another addition of intra-day support level is likely at 1620. The next supportive region is between 1605 and 1595. EMA-32 is likely to intercept this zone during the next several hours. This range will be more important for the overall trend since any selling pressure below this support level will expose price back into the 1570 level, with room for additional downside this time.
