12-Hour Analysis:
Big Picture: Ethereum is consolidating between intraday resistance and support levels. Price hitting higher levels has pushed for immediate profit-taking, while getting into supportive territory has pushed for short-coverings and some new buying. The volumes on both extreme levels have been higher, indicating the activity. Strength above the resistance levels would drive for another upward surge, while falling below the supports would result in some protracted corrective phases.
On the Upside congestion exists between the levels of 1800 and 1830. Price has struggled to maintain a lasting hold above this level which has prevented price from rising further. Above 1830, sustained strength leads back towards the 1880 breakout mark. A breakout over 1880 gets price very enthusiastic, with early aims in the 1920s and 1930s, followed by the 2000 mark and possibly higher gradually.
On the Downside Ethereum maintains its support presence from 1760 to 1745, with extended supports till 1730. This range has been holding for a few days, and continuous support from this level could push the market upward once more. Meanwhile, a break below 1730 would drive price lower into the 1710-1700 zone, where another horizontal support range exists as well as the quicker dynamic EMA’s.
