12-Hour Analysis:
Big Picture: Despite another strong attempt, buyers have yet to break through the 1820 level. All efforts over 1820 have resulted in an immediate profit-taking. As range begins to narrow, Ethereum is establishing an equilibrium between 1820 and 1780 levels. This range is expected to expand in the upcoming sessions, and an impulsive move cannot be ruled out. Nevertheless, for the bullish outlook to continue, Ethereum needs back to back consecutive daily closes above the 1820 mark to drive the next upward wave.
On the Upside Bulls succeeded in breaking over the 1820 level, but were unable to maintain that momentum and swiftly lost gains, leading to aggressive profit-taking. For Ethereum, 1820 remains a critical milestone level that must be breached in order for the price to continue rising. Failure to do so would result in a larger magnitude of profit-taking, however if bulls succeed in exceeding this level with strength, they are likely to initially target the 1880 to 1910 levels, with room for further upside.
On the Downside across the previous several sessions, the 1780 level has begun to convert into a solid support. This level has kept the price from falling any further. This is a really positive development for the bulls. Additionally, with each passing session, the driving EMA bands of EMA-32 and EMA-50 are rapidly nearing this level, strengthening this supporting zone even further. This is still a very strong initial supporting zone for Ethereum. Below this, the next supports are seen at 1740, 1730, and 1715. All of them are solid support levels for Ethereum, and they are likely to promote short-coverings and fresh buying.
