ETH-“Price Action Getting Dry”

12-Hour Analysis:

Big Picture: Another sluggish session for Ethereum with limited price movement. The range is beginning to deplete participant engagement once more. Ethereum’s volume are now reaching lowest point. This implies that Ethereum’s liquidity books will likely drop as well, and that price and momentum will now strengthen as price leads a breakout out of this range. Unless the range breaks, swift scalps are the only viable option.

On the Upside the price will face intra-day resistance at the EMA-50 level and the horizontal barrier at 1860. Surpassing this barrier raises the price’s upside potential towards the 1880 level. Breaking 1880 remains critical for the session, as strength above this level will minimize any selling pressure and compel intra-day short-coverings. Strength over 1880 opens the door to the next upside target of 1900, followed by 1920.

On the Downside price is being held quite effectively by intraday support levels ranging from 1830 to 1820. These supports are vital for Ethereum to keep in order to avoid testing the significant support levels of 1790 to 1780. These short-term range lows have been acting as supports, preventing any new waves of aggressive selling. Buyers have consistently defended this support zone.