12-Hour Analysis:
Big Picture: Throughout the weekend, Ethereum stayed strong and continued its ascent to new heights. Price has once again respected the rising channel’s upper level. Following such a strong run, Ethereum experienced profit-taking from key intraday levels and the trendline channel. Looking forward, sustained strength over 1820 offers a wider range of potential upside for the coin.
On the Upside it was suggested that Ethereum could experience significant profit-taking between 1780 and 1820. Price is now limited inside this band and is experiencing significant price fluctuation. Overall, another breakout over the 1780 level has been triggered, and strength above 1820 would accelerate the coin’s upside potential, first into the 1880 level followed by 1910. Above these resistances, the second phase of resistance begins in 1950, followed by levels in 1995 and 2030.
On the Downside the price is battling for the 1780 level. Making this level a support will benefit the already aggressive bulls. Nonetheless, the lower supports are located between 1730 and 1720. This is another significant intraday support area for the price. This region might witness intra-day fresh buying. However, the breakout-based supports remain the most important for the session. Retaining them is still crucial to keep Ethereum on track for higher levels.
