12-Hour Analysis:
Big Picture: Up until today, intra-day supports along with significant dynamic levels have protected Ethereum from sliding much lower. While aggressive buyers remain on the sidelines, sellers have completely failed to breach current intra-day support levels. Though they have been able to limit any rounds of short-coverings till now, if support levels continue to hold despite breakdown efforts, panic rounds of panic short-coverings cannot be ruled out. As a result, the session should be approached with caution.
On the Upside as the price has failed to break through the 1840 level, no significant rounds of short-covering have occurred. Buyers must step up and drive price higher in order to lead an aggressive round of short-coverings, which may possibly turn into a round of panic short-coverings, sending price higher into the 1870 and 1880 resistance levels.
On the Downside the horizontal support levels of 1830 to 1820, together with the dynamic support of EMA-250, have provided substantial price protection. Despite a lack of presence for the bulls, the price has not been able to break lower till now. These will continue to be sessions, primary support levels. However, if sellers were to manage a breach lower, they will once again confront another difficult scenario between 1790 and 1770 levels.
