12-Hour Analysis:
Big Picture: Ethereum effectively follows the level in the range. Price has almost re-tested the lower supports after breaking below the 1880 level, and for the time being, a good reaction has been witnessed. Apart from a few outliers, this range is 110 sessions long. Once price breaks either side of this range, a welcome expansion phase is probable. However, in the current situation, every reasonable move should be used for profit-taking.
On the Upside 1880 serves as the initial resistance level. The reaction from this level will be vital to the next course of action. Strength exceeding this level will re-open the 1900 to 1920 range. Any bullish continuation requires a sustained breakthrough above the 1920 mark. Unless and until that occurs, the upside will be confined to this level.
On the Downside the 12-hourly EMA-50 is now keeping price from slipping towards the 1830-1820 support zone. Breaking this zone previously resulted in a big spike; thus, re-testing this region may draw new players as well. This area almost coincides to the macro-range’s mid-levels. As a result, this area is important for the session.
