12-Hour Analysis:
Big Picture: Ethereum made many attempts to close above the 1680 mark but failed each time. Such rejections are unconvincing and may result in a lack of momentum, exposing the price downward. However, an equally strong support is presently keeping pricing from falling further. Therefore, price remains trapped in a range-bound situation.
On the Upside buyers continued to attempt a break over the 1650 to 1680 resistance level, but each effort was met with quick rejection. This level remains extremely difficult for them to surpass. Buyers are now expected to either re-energize by testing lower supports or to consolidate further and absorb all of the selling pressure above before making any impulsive move. This region between 1650 and 1680 must be breached for the price to maintain its positive momentum and initially aim higher levels in the 1720 to 1730 range.
On the Downside the price has been staying steady at the 1620 support level. Furthermore, the trailing EMA-32 remains more effective for the price. After re-testing this support base, the previous impulsive response was seen. Price is anticipated to climb higher as long as this EMA serves as a support. Losing this support, on the other hand, will be a major setback for the bulls, who may face increased selling pressure as a result.
