12-Hour Analysis:
Big Picture: For Ethereum it was an incredibly volatile day, with both buyers and sellers attempting intra-day major actions but failing miserably. The initial move was triggered by buyers attempting to break through the trendline resistance, but as soon as rejection was seen, an equally strong selling pressure was brought on charts, breaching nearly all intra-day support levels and dragging price into the breakout supports where sellers also lost control and the session ended with a perfect long legged Doji.
On the Upside Ethereum is still seeing early resistance from the 1880 to 1920 levels. Passing through this area would allow for a re-test of the trendline resistance at the 1960 level. The trendline resistance is almost at the same level as the horizontal resistance from 1980 to 2000. These sets of resistances will put Bulls in a difficult position. Strength over 2000 remains necessary for a smoother upward surge.
On the Downside Breakout-based supports have produced an important intra-day reversal twice. Buyers are aggressively guarding this zone, but they require active buyers to create a favorable outlook in order for price to transcend into higher resistances, as failure to do so would result in price overwhelming these supports and finally breaking them, exposing price to lower levels. The 12-hourly EMA-200 is rapidly nearing this support zone, making it increasingly more critical to maintain. However, if this breakout zone between 1820 and 1780 fails, Ethereum is expected to fall into the 1710 level initially, followed by 1680.
