12-Hour Analysis:
Big Picture: Ethereum almost challenged the range top once more, but a similar rejection was observed after repeated intra-day efforts. Sellers are vigorously defending the short-term range top, as prices entering this zone faces immediate pressure. Multiple rejections of the range top is expected to pull price lower towards the mid-levels and possibly even towards the short-term range lows. Furthermore, participants are recommended to pay attention to the levels as long as the range remains valid.
On the Upside Ethereum is on the brink of breaking through the 1880 support level. If a candle closes below this level, it will become the session’s opening resistance. As long as the range remains valid, a break above 1880 would send the price back to the 1900 level, while strength above 1900 stretches the upside even further into the 1920 level which is the range high. The bulls must break through this level in order to expand into higher levels.
On the Downside Ethereum is challenging the 12-hourly EMA-50 once more. Within the range, this level has been quite reactive. Price above this EMA has maintained the bullish view intact, while price below this EMA has put Ethereum under pressure. The level is being tested once again. Holding it would re-push the price higher, while losing it would expose Ethereum to lower supports, initially towards the 1820-1830 support levels, with the next supports being Ethereum’s short-term range lows.
