12-Hour Analysis:
Big Picture:
The months-long consolidation of Ethereum between the range levels of 1920 and 1780 continues. Although a range inside a range is beginning to appear, Ethereum has been stuck between the dynamic levels for the previous week or so. These dynamic levels are compressing price to the point where major volatile expansion inside the range is possible. For the bullish continuation, Ethereum must break over the range highs and the trending channel barrier.
On the Upside the ongoing challenge from the EMA-50 has given bulls a difficult time in recent weeks and months. The dynamic resistance has dropped by a few points and is now holding steady at 1855.50. Bulls will continue to face intense pressure as long as this barrier does not break, since upside remains quite limited owing to the presence of this resistance.
On the Downside Ethereum has resisted several break down attempts owing to a lack of ongoing trading volumes. The horizontal and dynamic support level between 1830 and 1820 continues to provide support for the price. Going forward, if conditions improve, price may very well target the liquidity levels in the next sessions, putting both the support and resistance levels under threat.
