12-Hour Analysis:
Big Picture: Ethereum’s strength was evident and was also mentioned in prior reports. As 1820 began to hold, a significant spike in demand triggered the long-awaited breakthrough, causing prices to skyrocket. The momentum is still strong, and Ethereum is now trading within a new range with higher objectives, although profit-taking on strength is now suggested with active risk management.
On the Upside both the immediate goal levels of 1880 and 1910 have been achieved by Ethereum. Nevertheless, 1910 is currently facing intra-day resistance, which could be attributed to intra-day profit-taking. If this level also breaks, bulls will be looking for 1950 levels, followed by 1980 levels. This is where a stronger round of profit-taking remains likely as price closes towards the psychological levels.
On the Downside the newly acquired level of 1880 could serve as intraday support. But, that degree of support has yet to be confirmed. Below that the next price support will come from the 1860 level, which was the last consolidation low on lower time frames. These levels are anticipated to keep any possible selling for the session at bay. Ethereum should preferably not go below 1860, or else a re-test of 1840 and 1820 might occur.
