12-Hour Analysis:
Big Picture: The successive rejections for Ethereum on the short-term range highs cleared the way for a re-test of the short-term range lows. Price is again back towards the range lows as Ethereum swings inside it. Having said that, buyers are now in a situation to defend their important support levels, just as sellers were able to do with theirs. Volatility may prevail in the coming sessions.
On the Upside resistance levels between 1820 and 1830 have been re-established. Above this resistance level, price favors an optimistic view. As a result, price strength over 1830 would be beneficial in negating the current selling pressure. Success at this level would allow for a climb higher back into 1850, followed by 1865, and potentially re-testing 1880 level. But strength exceeding 1830 is required for this to happen.
On the Downside as Ethereum broke through the 12-hourly EMA-50 level, there was a sharp sell-off that broke through all intra-day support levels in between and went on to challenge the range lows and the EMA-200 level. This supporting zone has now held for over 70 trade sessions. This demonstrates the importance of this support zone for Ethereum. Losing this zone may increase the selling pressure on Ethereum, exposing it to lower supports, initially towards 1745 and 1720.
