ETH-“Room for Further Upside”

12-Hour Analysis:

Big Picture: The support levels provided enough demand to force prices back up. Ethereum is challenging months long ascending channel resistance once more. Throughout the last few months, this level has effectively capped nearly all attempts to upside. While Ethereum has a positive outlook, breaking through this resistance would add to the bullish momentum.

On the Upside as Ethereum breached the 1860 resistance level, it surged once again. It was indicated that a break above 1860 would bring prices back into the 1880 to 1910 range. Ethereum is now attempting to break through the intraday barrier of 1910 and the ascending channel resistance of 1915. If this is accomplished, Ethereum will see another wave of gains, hitting 1950 to 1980 initially, and eventually the psychological milestone of 2000.

On the Downside slight intra-day support is likely from the 1900 level, followed by the 1880 level. Any significant rounds of profit-taking are unlikely as long as the coin maintains these intra-day supports of 1880. But, falling below 1880 would swiftly expose the price to 1860, which would be necessary to hold else another sell-off into the 1820 to 1780 range might occur.