12-Hour Analysis:
Big Picture: There has been little movement in pricing during the previous few hours. Ethereum’s price action remains range-bound. It was pointed out in the last report that Ethereum has to break out higher quickly, or else price will re-test the 50% Fibonachhi levels before the flag breaks out for the higher levels.
On the Upside the short-term key obstacle remains 1830. For the previous few days, this level has been preventing price from channeling higher. Every time price tests this barrier, there is an intraday sell-off. Strength over 1830 will most likely allow price to go into the next resistance levels of 1850 and 1880, which are also Ethereum breakout levels.
On the Downside there is some intraday support near 1780. Below this level, the principal supports are located between 1760 and 1745. This is the range that must be maintained; otherwise, there is a greater probability of price sliding into the 38.2% Fibonacci retracements, as well as room for the 50% retracement, before the next wave of upside occurs. These retracements are now positioned at 1735 and 1700.
