12-Hour Analysis:
Big Picture: Since the beginning of April, Ethereum has spent the most of its time trading between 1920 and 1780. With the exception of a few outliers, prices have remained confined between these levels. As long as these levels hold, playing the range is a viable option. Going forward, Ethereum’s reaction to short-term range lows is once again strong, while strength over intra-day resistance would allow for a push back into higher levels.
On the Upside Ethereum continues to face stiff resistance between the 1820 and 1830 levels. Strength beyond this zone is still required for Ethereum to surge towards next resistances. This is still a crucial S/R level; price above it favors an optimistic outlook, while price below it keeps bulls under pressure. Strength above 1830 leads to 1860, followed by 1880 to 1920 levels.
On the Downside after failing to hold the 1800 support level, Ethereum tested the 1780 level. The level reacted strongly, resulting in an immediate price reversal. This range from 1800 to 1780 remains a strong support level for the session. And, unless this zone collapses, sellers are unlikely to make a substantial gains. Furthermore, the previous push below 1780 is still a possible divergence for the time being.
