12-Hour Analysis:
Big Picture: Ethereum remains in a range-bound period, with the price actively trapped between 1820 and 1715 levels. Despite several attempts at a breakout, the consolidation range remains firm and valid, lasting for over two weeks now. For Ethereum, this may be categorized as a re-accumulation phase or a short-term distribution phase. However, once a breakthrough happens, confirmation will be accessible.
On the Upside for yet another session, Ethereum faces significant resistance from the 1820 resistance level. The lower breakouts are still intact and provide clear opportunity for Ethereum to advance, however this level around 1820 is now restricting this upward potential. Ethereum need a clean breakthrough over the 1820 level to see its upside extended initially to the 1850 level, followed by the 1880 to 1910 zone.
On the Downside 1780 is being turned into a decent intraday support level for Ethereum. It remains a positive development for Ethereum, and if this level holds Ethereum above it, it will likely present another chance for buyers to capitalize from. However, if this intra-day support is lost, the bullish momentum may decelerate further, leading to downward re-tests at 1750, 1730, and 1715 levels. Several higher time-frame supports are presently available between 1730 and 1715 levels.
