2-Hour Analysis:
Big Picture: Higher volatility was predicted in the prior session once the range was expanded. Ethereum’s price activity targeted liquidity on both ends, at the lower and upper ends. Price is now effectively back in the range, indicating that equilibrium has been restored and might hold for a few more sessions unless the range expands again.
On the Upside price is once again testing the 1220 level. However, recovering the 2-hourly EMA-200 level would be a significant breakthrough. Acceptance over this level has the potential to genuinely propel prices higher with stronger and more durable momentum. The EMA-200 resistance is now at 1229. Above this, the next resistance levels are at 1240, 1255, and eventually in the 1280-1300 area.
On the Downside 1210 and 1205 have been re-established as initial support levels. These supports were breached in the last session, however they have reappear. The next supports below 1205 are at 1190 and 1180 levels, while higher time-frame supports are still active in the 1165-1170 zone
