12-Hour Analysis:
Big Picture: Bulls attempted to spark the breakout, however as of now, price has been able to channel higher but they have been unable to complete the breakthrough. Congestion around the breakout mark has resulted in some intra-day profit-taking, keeping the price inside a range-bound situation. Meanwhile, the consolidation period has created enough space on the indicators for price to move higher.
On the Upside the level of 1850 was critical in preventing bulls from breaking out. Despite an admirable attempt, Ethereum was unable to close the candle above 1850 which resulted in unsustainable upside, causing the price to drop after getting close to the 1880 mark. The 1850 and 1880 resistances are still in place for the session. The upside will only be extended when a clean breakthrough over 1880 is achieved.
On the Downside 1830 has been recognized as a minor support level. Below 1830, the next levels of support are at 1810 to 1800 and 1780. When tested, all of these support levels are expected to provide positive reactions and bounces. Furthermore, the EMAs are now aligning with Ethereum’s main support levels, which range from 1760 to 1745.
