12-Hour Analysis:
Big Picture: For Ethereum, the contest between immediate support and resistance continues. Yesterday’s session was primarily under pressure, however despite the difficulties, the support levels held and remained valid. Sellers are expected to continue their move to break below the support levels, but if they fail for the next few hours, exhaustion from them could be seen, making opportunity for some intraday short-coverings.
On the Upside The simple resistance level of 1840 has been causing buyers all sorts of problems. Price has tested the level three times and each time profit-taking has kicked in at the level. This remains the session’s first resistance, followed by the 1850 level. Above 1850, there is significant resistance that has been blocking all bullish attempts since July 21st. The EMA-50 level is presently set at 1870.
On the Downside Price is still receiving support in the 1830-1820 area. This has historically been an essential S/R level, and it continues to reaffirm its strength. However, range narrowing continues, which will eventually lead to an expansion in the direction led by the majority. Ethereum is supported between 1790 and 1770 levels below this zone.
