12-Hour Analysis:
Big Picture: Ethereum has been trading inside a 12% range for more than 50 sessions. The prevailing range can be seen between 1730 to 1550 levels. Price has taken firm supports from the lower levels, while the top range has limited any upward movement. Price is expected to fluctuate on both sides of the range as long as the range is in effect, creating short-term moves.
On the Upside Ethereum is still adding fresh intraday resistances. Price now faces new intraday resistances around 1595, 1600, and 1610. Above 1610, the next degree of resistance exists between 1620 and 1630. Strength above 1630 may allow a return to the top range.
On the Downside Ethereum re-tested the 1550 support level, causing a powerful response that nearly reversed the entire candle. The primary support for the session is at 1580, followed by next support at 1550. Ethereum has a very solid supporting range between 1550 to 1520 levels. This is also the current range lows for Ethereum.
