12-Hour Analysis: Big Picture: The dynamic levels have begun to have a similar impact as the horizontal range levels. Both the EMA-50 and EMA-200 are now in a narrow band, which is keeping Ethereum’s price activity moderate in nature. The dryness over the previous few sessions to weeks may finally lead to a huge breakthrough for Ethereum in the next couple of sessions.
On the Upside the EMA-50 level at 1882, along with horizontal resistance at 1880 is giving bulls all sorts of problems in breaking through and gaining some sustainable momentum to seek higher levels. Unless and until price can overcome this resistance level, Ethereum’s upside remains constrained. A successful breakthrough, on the other hand, takes the upside into the 1900 level first, followed by the 1920 through 1940 levels.
On the Downside the initial support level of 1860 successfully prevents the price from dropping further. The next level of support is the 12-hourly EMA-200 level below 1860. Price testing on this EMA in recent days has shown a positive reaction; anticipate a similar result if tested again. Furthermore, Ethereum continues to enjoy more levels of support between 1830 and 1820.
