12-Hour Analysis:
Big Picture: Ethereum’s range-bound movement is now resembling a potential bull-flag formation. If bulls want to drive prices up, they should do it as soon as possible; otherwise, a short-term manipulation lower could be noticed. Bulls continue to maintain their dominance and might drive a huge breakthrough over the 1880 level.
On the Upside the pair’s challenges remain the same. The initial resistance level of 1830 remains effective, followed by the next major resistance zone of 1850 and 1880. These are the difficult levels that bulls must overcome in order to accelerate higher towards the key resistances above. Above 1880, the next big levels occur between 1980 to 2000.
On the Downside the 1800 level is providing some intraday support to the price. This is Ethereum’s primary level of support. Breaking through this level would expose Ethereum back to the 1760 to 1745 levels, where the next support region is located. Furthermore, the quicker EMAs are rapidly placing around this zone, adding to Ethereum’s supports.
