12-Hour Analysis: Big Picture: Yesterday’s price activity in Ethereum plotted a potential double top pattern, which could cause some pressure if the price falls out of the supporting area. It has been indicated several times that Ethereum’s bullish flag requires a speedy breakout or that price may move back towards the 50% Fibonacci retracement before any significant bounce.
On the Upside the bulls are finding the 1850 to 1880 levels to be quite difficult. These are the levels that are most likely to cause a huge breakout for Ethereum, thus they currently posing a significant challenge to the price. As a sustained breakout above these levels is accomplished, the upside will increase dramatically. However, the major resistance for the session occurs at 1810, followed by 1830.
On the Downside the 1780 level is currently providing support to Ethereum. There are some lower-time frame trendline protection in this region that are providing this support. However, Ethereum has significant support positioned between 1760 to 1745 levels below the trendlines. This exact range has held and has ruled out any lower corrective rounds for the pair. Maintaining these supports will be essential; otherwise, Ethereum may be exposed towards the 1700 level, which is the 50% retracement level for the current advance.
