12-Hour Analysis:
Big Picture: Price is constantly spamming into the lower support band, and each time a test is made, a swift reaction is followed, almost bringing the price back up. In this range low support zone, Ethereum is consistently printing extended lower wicks. Buyers must now make a follow-through to shift this trend back in favor of the bulls, who may then go for the mid-levels, if not the range highs.
On the Upside the intraday levels remain unchanged, with early resistance at 1580. Following surpassing 1580, the next intra-day levels of 1595, 1600, and 1610 become accessible. Beyond these barriers, the next stronger waves of resistance begin between 1620 and 1630. A foothold over 1630 is required for the price to move from the mid-range to the upper range.
On the Downside multiple tests into the 1550 level were conducted, and all tests were retained by the support level. For the time being, this is still a significant support level for Ethereum. Holding this for the next few hours to sessions may result in panic short-covering. Furthermore, there are various levels of supports between 1550 and 1520 that could result in comparable reactions.
