12-Hour Analysis:
Big Picture: Ethereum is testing the bottom range of the support bracket and printing lengthy wicks. This indicates that there is considerable buying pressure visible below in this supportive zone, which buyers are taking advantage of owing to reduced prices. However, buyers would need additional strength to shift the trend towards the upside and aim for mid-range and short-term range highs.
On the Upside intra-day resistances are constantly being added. 1580 has been added to Ethereum’s list of resistances. The next layer of resistance above 1580 occurs at 1595, followed by 1600 and 1610. Strength over 1630 is essential for Ethereum to counteract the current selling and shift the short-term trend in favor of bulls. Unless and until that happens, the price is expected to continue under pressure and have difficulties at the identified resistances.
On the Downside Once again, Ethereum responds strongly to the 1550 support level. Price has challenged this support level three times in the previous few days, and each time a significant reaction has been observed, with price printing a lengthy lower wick signaling buying pressure on lower prices. The session’s support level of 1550 stays unchanged. Furthermore, there are many intra-day supports for Ethereum between 1550 to 1520 levels, which will continue to cause short-term bounces.
