12-Hour Analysis:
Big Picture: The short-term double top and trendline resistance have both failed in keeping the aggressive bulls in check. As previously stated, as long as the price held above the breakout levels, buyers were in a favorable position and would lead the short-term trends. Ethereum is currently going for a hyper move by pulling through another breakout above the channel resistance. Buyers are still highly energized and are aiming for the psychological level of 2000.
On the Upside a hyper move was initiated when the price broke above the channel barrier, leading price to target higher levels. Ethereum has reached both intraday resistance levels of 1950 and 1980, and is presently trading slightly over the 1980 mark. Continued strength over 1980 would take the price towards 2k, followed by the 2030 milestone. At these higher levels, expect some intra-day profit-taking.
On the Downside Ethereum continues to add to its many support levels. Fresh support levels were added in 1950, followed by levels from 1910 to 1880. These are recently gained levels that are likely to offer support if the price falls back into them. Furthermore, this strength is expected to stay strong as long as the price is above 1910, but a price drop below 1910 could slow down the momentum.
