ETH-“Profit-Taking Advised on Strength”

12-Hour Analysis:

Big Picture: On the major levels, buyers are going head to head with sellers. The breakout-based supports are now producing a good reaction. However, buyers are still a long way from regaining total control of the trend. Going forward for the next few trading sessions, price could remain in a volatility environment.

On the Upside breaching 1840 has resulted in excellent rounds of short-coverings. This has pushed prices back into the 1880 to 1920 bracket. This is where some profit-taking is predicted from Ethereum, but an indication of strength above this level could tilt the scales aggressively back in favor of buyers with first targets in the 1950s, followed by the 1980 to 2000 levels.

On the Downside price trading above 1880 converts 1880 into a support level. If the price maintains and honors the 1880 support level, it will be a very encouraging outcome for bulls. However, if 1880 fails to establish itself as a decent support level, the price might fall back into the 1860 range, followed by the 1820 to 1780 range.