12-Hour Analysis:
Big Picture: The selling pressure on Ethereum over the 2000 mark is still very significant. On higher time frame, a sign of weakness remains visible, which will require enormous strength from buyers to overcome. The failure of Ethereum to break beyond the 2000 threshold will serve as confirmation. On the contrary, if buyers end up neutralizing this weakness, a hyper-move into higher levels is possible.
On the Upside the intraday level of 1940 is now providing resistance to Ethereum. Following this, the 1970 level is seen as the next resistance, which nearly coincides with the horizontal resistance area of 1980 to 2000 levels. Buyers will find it tough to maintain their strength in this region. If this level is surpassed, an upsurge of panic short-coverings combined with aggressive fresh buying could occur.
On the Downside Ethereum is gaining dominance between 1900 and 1880 levels. However, failure to break higher would weaken this support and possibly break it down, allowing price to fall back. If these intraday supports are breached, Ethereum will fall back into the 1840 level, followed by the 1820 to 1780 levels. This is where Ethereum finds its stronger supports.
