12-Hour Analysis:
Big Picture: Buyers once again overwhelmed the supportive region with demand which lead to a quick price surge. Such a reaction was necessary for the buyers to maintain the support levels. Going forward, if the price reverses back above the trendline levels, the current momentum could soon change into an aggressive move on the upside once more.
On the Upside an immediate upward surge was seen as soon as Ethereum recaptured the 1505 level. Additionally, several intra-day resistances were breached in the process. However, as mentioned in prior reports any upside rally was likely to get limited around 1555 to 1570 levels. This region restricted yesterday’s price surge and currently serves as Ethereum’s primary resistance level. There are several different resistances combining at this level. Price is expected to immensely struggle around these levels. Surpassing this range, though, would be very beneficial for the Bulls. Persistent strength above this region is expected to pave way for 1600 and 1620 initially.
On the Downside the recently recaptured levels are likely to act as intraday supports. Price first finds support between 1540 and 1520, followed by 1505. This intra-day support at 1505 is important. This is the level that initiated the earlier move. Furthermore, this level serves as a deviation level from the previous range, and as long as this level holds, any further fall will be restricted. Furthermore, below this intra-day support level price has the 1490 to 1470 range levels that are even more stronger and important level. Expecting both these support levels to hold price against any potential selling activity.
